Upbit Receives Initial Approval from Singapore’s Regulator
- Korean crypto exchange Upbit secured in-principle approval from the Monetary Authority of Singapore (MAS).
- The firm is now allowed to provide its services to institutional clients in the city-state as it waits for a full license.
- The firm opened Singapore Dollar (SGD) deposit and withdrawal services for users in July.
- The Singaporean arm of the firm has been working since 2018 to expand operations in the city-state.
Upbit, a leading cryptocurrency exchange in South Korea, has received initial approval from Singapore’s central bank and financial markets regulator for a Major Payment Institution (MPI) in the city-state. Interestingly, multiple trading platforms have recently won the final approval of the regulators, aiming to expand operations in the region.
As per a press statement released on October 16, the Monetary Authority of Singapore (MAS) gave Upbit, the largest exchange in South Korea by trading volume, an in-principle license, which will allow the platform to provide its services to institutional clients in the city-state while it awaits full approval from the regulator.
“This approval from MAS is a strategic milestone for us to deepen our presence in Singapore, which is at the forefront of digital asset innovation. Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure-focused businesses,” said Alex Kim, founder and CEO of Upbit Singapore.
Kim also noted that his firm has been working since 2018 to build a “robust digital asset business in Singapore,” which it claims to be the “leading financial hub in Asia.” The firm will continue to expand its local presence in the near future as well.
Interestingly, the crypto exchange announced that it would open Singapore Dollar (SGD) deposit and withdrawal services for all clients residing in the city-state in July.
On the other hand, Azman Hamid, the Chief Compliance Officer of Upbit Singapore, noted that the in-principle approval from the MAS displays the exchange’s “unwavering commitment to building trusted digital asset businesses in Singapore.”
“Through engaging collaboration with the regulator, businesses, and communities, we will contribute to further establish Singapore as the leading hub for the next generation of financial businesses,” Hamid added.
The release noted that once approved, the Singaporean entity of the exchange will join Upbit APAC, “a prominent global digital asset group,” which includes regulated digital asset exchanges in Indonesia and Thailand, along with VerifyVASP, a leading Travel Rule solution provider.
As reported earlier by BitcoinWisdom, Upbit became Napoli SSC’s official back-of-shirt partner andgloball crypto exchange partner for 2022–23 and 2023–24 in all Serie A, Coppa Italia, and friendly matches.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
