Upbit, the leading South Korean cryptocurrency exchange, has marked a significant milestone in its expansion efforts as its Singaporean entity secured in-principle approval for a Major Payments Institution (MPI) license. The Monetary Authority of Singapore (MAS) granted this preliminary approval, allowing Upbit to continue offering digital payment token services to institutional investors in Singapore as it awaits full regulatory clearance.
Raks Sondhi, Chief Operating Officer of Upbit Singapore, revealed that the company plans to gradually transition out of stealth mode once it obtains full authorization. Upbit has been actively operating in Singapore since 2018 and has been strategically building its team. In the interim, the exchange plans to concentrate on digital asset trading, catering to institutional clients, and further bolstering infrastructure projects. Sondhi emphasized their belief that they can make a significant impact in various market segments.
Azman Hamid, Upbit Singapore's Head of Compliance, underscored the company's strong commitment to conducting business in Singapore. The MPI license approval signifies Upbit's dedication to establishing Singapore as a prominent hub for next-generation financial services. The company now awaits full approval, after which it will join a select group of 15 cryptocurrency firms that hold an MPI Digital Payment Token Services license from MAS.
The approval comes as part of a broader trend, with several prominent cryptocurrency companies gaining regulatory clearance in Singapore in October. Companies like Coinbase, Ripple, and Sygnum Bank's Singaporean branches have all secured licensing approval from the MAS, reflecting the regulator's proactive approach to fintech and digital assets. These developments demonstrate the increasing maturity and acceptance of the cryptocurrency industry in the city-state.
