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Cryptocurrency exchange Upbit has revealed it has received ‘in-principle’ approval from the Monetary Authority of Singapore to offer users digital asset services.
The approval allows Upbit Singapore to continue offering regulated digital payment token services in compliance with the Payment Services Act of 2019.
Upbit To Continue Offering Digital Payment Token Services
The in-principle Major Payment Institution (MPI) license from the Monetary Authority of Singapore allows Upbit to continue offering digital payment token services under the Payment Services Act while it awaits for full approval from the regulator, according to a statement.
“We are pleased to announce that the Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for a Major Payment Institution (MPI) license to Upbit Singapore Pte. Ltd. (Upbit Singapore). The IPA enables Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 whilst awaiting the grant of the full license.”
Singapore regulates cryptocurrencies as digital payment tokens under the Payment Services Act. London-based investment migration consultancy Henley & Partners has stated that Singapore has emerged as one of the world’s leading crypto hubs, closely followed by Switzerland and the United Arab Emirates. This, according to the consultancy, is primarily because the Singapore government has worked closely with banks, businesses, and the general public. Speaking about receiving approval from the country’s regulator, the founder and CEO of Upbit Singapore, Alex Kim, stated,
“Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia. 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.”
Upbit Broadening Its Regulatory Approvals
The Monetary Authority of Singapore sets a very high standard when it comes to the digital asset space, helping cultivate sustainable innovation. With collaboration between businesses and regulators, Singapore has carved a reputation for promoting innovation while maintaining a commitment to consumer protection. This makes it a highly sought after destination for committed innovators.
With the grant of the Major Payment Institution License from the MAS, Upbit Singapore joins a select group of regulated digital asset exchanges that operate under Upbit APAC. Upbit APAC is a prominent digital asset group that includes prominent and regulated digital asset exchanges based in Indonesia and Thailand. With this, Upbit can significantly accelerate its expansion towards global, institutional, and infrastructure-focused businesses and help empower innovators. The Chief Compliance Officer of Upbit Singapore, Azman Hamid, stated,
“We are incredibly proud to receive the IPA from MAS, a globally renowned financial regulator. This approval reflects our 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.”
A Crypto-Friendly Stance
Singapore has gone out of its way to project itself as a crypto-friendly country. On the 2nd of October, Coinbase also received a Major Payments Institution license from the Monetary Authority of Singapore. The crypto exchange outlined its commitment to offer opportunities to the people of Singapore in the form of investments, job opportunities, and university workshops. Singapore itself is taking independent steps within the larger crypto landscape.
On the 22nd of June, the Monetary Authority of Singapore gave Ripple in-principle approval to establish its operations in Singapore. This came against the backdrop of a long-drawn lawsuit between Ripple and the United States Securities and Exchange Commission, which went on for over two years. Singapore also hosted the Token2049 conference, a major Web3 and crypto-related event in Asia.
The conference saw over 10,000 attendees and 300 exhibitors, setting new attendance and participation records. Prominent attendees included CEO of OpenAI, Sam Altman, Sandeep Nailwal, the co-founder of Polygon, and Changpeng Zhao, the CEO of Binance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.