Upbit, the South Korean cryptocurrency exchange, is making waves in the global crypto industry with its recent in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This regulatory green light represents a significant step in the company’s expansion strategy, positioning Singapore as a key hub for the exchange’s international operations.
Upbit’s parent company, Dunamu, expressed its delight in a recent statement, emphasizing the importance of this development for their subsidiary, Upbit Singapore Pte. Ltd. The in-principle approval is a pivotal milestone, allowing the exchange to continue offering its services while awaiting the full MPI license. This interim status, which Coinbase also underwent before receiving its full license, highlights the rigorous regulatory scrutiny that such institutions face.
Alex Kim, the founder and CEO of Upbit Singapore, underscored the strategic significance of the MAS approval. Kim stated,
“Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia.”
He went on to emphasize the role of Singapore as a global powerhouse in the realm of digital asset innovation. This approval opens doors for Upbit to cater to retail, institutional, and infrastructure-focused businesses, further solidifying its presence in the heart of Asia’s financial sector.
Singapore’s Triad of Crypto Titans: Upbit, Coinbase, Circle
Singapore has been attracting major players in the cryptocurrency industry, with Coinbase and Circle also securing MPI licenses. Circle, for instance, is poised to offer digital payment token services as well as cross-border and domestic money transfer services in the city-state. These developments underscore Singapore’s growing reputation as a crypto-friendly jurisdiction with a proactive approach to regulation.
In conclusion, Upbit’s in-principle approval from the MAS marks a pivotal moment in its global expansion journey. The South Korean exchange’s presence in Singapore not only benefits the company but also underscores Singapore’s emergence as a leading hub for digital asset innovation in the Asia-Pacific region. With this new regulatory approval, Upbit is set to play a significant role in shaping the future of the cryptocurrency industry in the Lion City.