Crypto Exchange Upbit Obtains Principle Permit to Operate in Singapore✈️
The Upbit entity in Singapore announced that it has received in-principle approval for a Primary Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Launching a press release on Monday (16/10/2023), this MPI license will allow Upbit Singapore to continue offering digital payment token services that comply with the Payments Services Act (PSA) 2019, while it awaits full approval.
"Since 2018, we have built a strong foundation for the digital asset business in Singapore, which is a leading financial center in Asia," said Alex Kim, Founder and CEO of Upbit Singapore. “This approval from MAS is a strategic milestone for us in deepening our presence in Singapore, which is known as the forefront of digital asset innovation.”
According to Statista data, Upbit is the largest South Korean crypto exchange by trading volume. In the country, the exchange focuses more on serving individual retail investors, while Upbit's branch in Singapore serves as Upbit's global operations center in the Asia-Pacific region.
To date, more than 12 crypto companies have received full licenses to provide digital payment token services in the country, including Ripple and Coinbase which were granted MPI licenses by the Singapore government at the beginning of October.
This is a quite influential step for market players in Asia-Pacific.
