The Monetary Authority of Singapore (MAS) has granted Upbit Exchange an in-principle approval (IPA) for a Major Payment Institution (MPI) license. This makes Upbit one of the three major crypto exchanges to be licensed this month.
The news which was shared by the company via a press release earlier today stated that it has secured in-principle approval from the financial watchdog MAS. In the meantime, the license will enable the crypto firm to offer regulated Digital Payment Token Services to its customers while it awaits full licensed approval.
With this feat, Upbit Singapore now joins the ranks of Coinbase and Blockchain.com as exchanges with similar licenses in the country. The founder and CEO of Upbit Singapore, Alex Kim in a statement highlighted the company’s effort to build a solid foundation for a sound digital asset business in Singapore.
“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,” he said.
The digital asset industry in Singapore has a very high regulatory standard set by the MAS which all crypto firms must comply with before conducting business in the region.
Upbit Singapore Chief Compliance Officer, Azman Hamid in a statement emphasized the relevance of the license approval with the company’s goals. He highlighted the significance of the IPA stating that it reflects the company’s unwavering commitment to build a trusted digital asset business in the country.
Since its creation in 2018, UIpbit has grown to become one of the largest South Korean-based crypto platforms. In August, data shows that the exchange outshined Coinbase and OKX by accounting for about 6% of the total trade volume across centralized exchanges (CEX).
Singapore’s rising popularity in the crypto space
Over the years, Singapore has positioned itself as one of the most crypto-friendly countries in the world. This is because its cryptocurrency regulations provide clarity for the emerging crypto industry.
The country has positioned itself as one of the top jurisdictions that embrace cryptocurrency and blockchain innovations. Only this month, the Monetary Authority of Singapore (MAS) granted licenses to three major crypto firms including Ripple, Circle, and now Upbit to fully extend their operations to the country.
At press time, the total number of licensed crypto firms operating in Singapore is 15. This further solidifies its position as a leader in the global digital asset sector.