South Korea's Upbit Wins Singapore Licence Approval

South Korea’s Upbit Wins Singapore Licence Approval

Updated: 16 October 2023

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South Korea’s Upbit cryptocurrency exchange gained in-principle approval for a Major Payment Institution (MPI) licence in Singapore.

The licence enables Upbit, South Korea’s leading crypto exchange, to continue offering regulated Digital Payment Token services while awaiting the full license, it said in a release.

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,” said Alex Kim, founder and CEO of Upbit Singapore. “Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia.”

Upbit, South Korea’s largest exchange, announced that Upbit Singapore has received in-principle approval for a Major Payments Institution (MPI) license in Singapore. In October, the Singapore entities of Coinbase, Ripple, GSR and Sygnum Bank all received MAS licensing approval,…

— Wu Blockchain (@WuBlockchain) October 16, 2023

Upbit is poised to join a group of 15 cryptocurrency firms with full MPI digital payment token service licenses in Singapore.

In October alone, Coinbase, Ripple, and Sygnum Bank all received approval for their licences, further solidifying Singapore’s reputation as a cryptocurrency hub. Earlier in the year, Circle Internet Pte. Ltd. secured its licence.

Major Payment Institution (MPI) licence from the Monetary Authority of Singapore: secured. Thank you MAS. https://t.co/VXkTmw7tVf

— paulgrewal.eth (@iampaulgrewal) October 2, 2023

Upbit APAC

Upon the full grant of the MPI licence from MAS, Upbit Singapore will become part of the Upbit APAC network.

Upbit APAC includes regulated digital asset exchanges in Indonesia and Thailand, along with VerifyVASP, a leading provider of Travel Rule solutions.

This development will drive Upbit APAC’s expansion efforts, especially targeting global, institutional, and infrastructure-focused businesses, it said