Upbit Obtains Regulatory Approval in Singapore

Upbit Obtains Regulatory Approval in Singapore

Upbit, a leading South Korean cryptocurrency exchange, has been granted regulatory approval by Singapore’s Monetary Authority of Singapore (MAS), allowing the Singapore subsidiary to provide regulated services in the Southeast Asian city-state, which has become a crypto hub. The approval allows Upbit Singapore to continue providing regulated digital payment token services in compliance with the country’s Payment Services Act from 2019 while awaiting a full Major Payment Institution (MPI) license. Upbit Singapore’s founder and CEO, Alex Kim, praised the regulatory nod as a milestone in its efforts to deepen its presence in Singapore and unlock new capabilities for retail, institutional, and infrastructure-focused businesses.

Singapore’s authorities are regulating the crypto space, with the MAS working with companies to set standards, promote financial innovation, and ensure consumer protection. The central bank has licensed blockchain company Ripple and Coinbase, and Upbit Singapore plans to join other regulated subsidiaries of Upbit APAC in the Asia-Pacific region. The collaboration aims to establish Singapore as a leading hub for the next generation of financial businesses.

(With inputs from Shikha Singh)

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