South Korean powerhouse crypto exchange Upbit, has earned a significant regulatory affirmation from Singapore’s apex financial authority, paving the path for the expansion of its digital asset services in the city-state renowned as a global cryptocurrency nucleus.
The Monetary Authority of Singapore (MAS) has endowed Upbit Singapore, a subsidiary of the prominent South Korean exchange, with in-principle approval. This pivotal endorsement empowers the exchange to furnish regulated digital payment token services in adherence to the stringent guidelines of Singapore’s 2019 Payment Services Act, marking an interim phase before obtaining the coveted Major Payment Institution (MPI) license.
Upbit Singapore’s CEO, Alex Kim, underscored the significance of this regulatory milestone, illuminating the exchange’s strategic endeavors to fortify its digital asset footprint in Singapore since its inception in 2018. Kim extolled Singapore as a pivotal global bastion for Upbit, equipped to unveil a myriad of opportunities for diverse stakeholders spanning retail and institutional investors, as well as infrastructure-centric entities.
Singapore’s evolution as a prominent cryptocurrency hub is anchored in its robust regulatory landscape, meticulously crafted by the MAS. The authority has meticulously orchestrated a collaborative ecosystem, amalgamating regulatory oversight with financial innovation and consumer safeguards. This balanced approach is epitomized by the recent licensing of renowned entities like Ripple and Coinbase, attesting to Singapore’s commitment to fostering a dynamic yet secure cryptocurrency environment.
Azman Hamid, Upbit Singapore’s Chief Compliance Officer, accentuated the exchange’s commitment to augmenting Singapore’s stature as a preeminent nexus for pioneering financial enterprises. As Upbit awaits the MPI license, this interim approval accentuates its trajectory of compliance and innovation.
Upon securing the MPI license, Upbit Singapore is poised to augment the portfolio of Upbit APAC, which boasts regulated cryptocurrency exchanges in strategic markets like Indonesia and Thailand. This development underscores Upbit’s expansive vision, strategically navigating regulatory landscapes to extend its global footprint, rendering it a formidable player in the tumultuous yet exhilarating domain of digital assets.
