Upbit Receives In-Principal Approval License to Operate in Singapore

• Upbit secures an In-Principal Approval License for operation in Singapore, marking a crucial step in its journey within the cryptocurrency market.
• Singapore’s robust regulatory framework and Upbit’s growing role in the cryptocurrency market contribute to its status as a global cryptocurrency hub, on par with countries like Switzerland and the United Arab Emirates.
• The city-state’s appeal extends beyond Upbit, as notable cryptocurrency companies like Ripple, Coinbase, and Sygnum have also obtained MPI licenses in Singapore.

Singapore is globally recognized for its strong regulatory framework in the cryptocurrency industry. Upbit Singapore has played a substantial role in the cryptocurrency market since its establishment in 2018. Notably, in 2020, the company was granted exempt status, which exempted it from the requirement to hold a license under the PSA.

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Presently, Upbit has taken a big step in expanding its presence in Singapore’s cryptocurrency market. The Monetary Authority of Singapore (MAS) has granted Upbit’s Singapore branch an In-Principal Approval for a Major Payment Institution (MPI) license.

This approval is significant as it paves the way for Upbit to offer regulated digital payment token services in Singapore, reinforcing the city-state’s position as a global cryptocurrency hub.

Today, Singapore has become a leading destination for cryptocurrency enthusiasts, investors, and businesses, on par with countries like Switzerland and the United Arab Emirates. 

Azman Hamid, Upbit Singapore’s Chief Compliance Officer, expressed great pride and commitment upon receiving the In-Principal Approval (IPA) from MAS. He commended MAS as a globally respected financial regulator and emphasized that this approval demonstrates Upbit’s unwavering commitment to establishing trustworthy digital asset services in Singapore.

Hamid further stressed Upbit’s goal of contributing to Singapore’s growth as the leading hub for the next generation of financial businesses. 

Upbit Singapore’s Cryptocurrency Leadership

Upbit’s recent approval is part of Singapore’s booming cryptocurrency. Many other big cryptocurrency companies have successfully dealt with regulations and obtained MPI licenses from MAS. Ripple, a San Francisco blockchain firm, expanded its presence in Southeast Asia with an MPI license.

Coinbase and Sygnum also got their MPI licenses in Singapore after initial approval. All these achievements highlight Singapore’s commitment to encouraging innovation and growth in the cryptocurrency industry, making it a top spot for companies wanting to expand in the lucrative Southeast Asian market.

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Singapore’s appeal to cryptocurrency businesses goes beyond these success stories. Renowned names like Payoneer, Blockchain.com, and TerraPay have also received MPI licenses in Singapore, underscoring the country’s attractiveness to cryptocurrency companies.

With clear regulations, Singapore has cemented its reputation as the preferred destination for cryptocurrency firms looking to establish and grow digital assets.

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Upbit’s In-Principal Approval for an MPI license from MAS is a significant step towards providing regulated digital payment token services in Singapore.

With its global reputation as a cryptocurrency hub and strong regulatory framework, Singapore has drawn numerous cryptocurrency companies eager to tap into the Southeast Asian market.

As Upbit and other industry leaders thrive in Singapore, the city-state continues to set the pace for innovation and growth in the cryptocurrency sector, shaping the future of digital finance.

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