Upbit Singapore Gets Green Light from MAS for Crypto Services

Upbit, South Korea’s leading cryptocurrency exchange start-up, is set to make waves with the launch of its Singapore branch, as it receives a green light from the Monetary Authority of Singapore (MAS).

Great news, right? Here are all the details for you, broken down!

A Win for Upbit!

On a noteworthy Monday announcement, Upbit Singapore revealed that it has secured preliminary approval from the Monetary Authority of Singapore (MAS) for a significant payment institution license, in accordance with the Payment Services Act. This Act serves as the regulatory framework governing cryptocurrency activities in the country.

Upbit Singapore Pte Ltd., a wholly-owned subsidiary of Upbit APAC Pte Ltd., plays a crucial role within the broader Upbit APAC ecosystem. The parent company oversees various entities, including VerifyVASP Pte. Ltd., the leading provider of Travel Rule solutions for digital assets, Upbit Exchange (Thailand) Co., Ltd., a regulated digital asset exchange and broker under the Thailand SEC, and PT. Upbit Exchange Indonesia.

Why is this so important?

With the help of this license, Upbit Singapore will be able to provide various cryptocurrency-related services, including custody, trading, and online payment options. Upbit Singapore may now operate with additional regulatory control and give consumers a safe and legal platform to conduct cryptocurrency, NFT, and other blockchain transactions, all thanks to the MAS’s clearance. 

A Boon for the Country, Company & Investors

Notably, this regulatory green light will enable Upbit Singapore to provide institutional investors with regulated digital payment token (DPT) services. In an era of geopolitical uncertainty, Singapore has become an attractive destination for global industry leaders. The surge in interest and investments in the country’s crypto market underscores this fact.

Upbit Singapore’s ability to offer regulated DPT services further cements Singapore’s status as the preferred hub for institutional investors looking to venture into this space. The country’s reputation as a stable and innovative financial center has garnered significant attention from international players.

A Vision for the Future

Alex Kim, Founder and CEO of Upbit Singapore, expressed his enthusiasm with a few lines.

“Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia. This approval from MAS is a strategic milestone to deepen our presence in Singapore, which is at the forefront of digital asset innovation.”

Mr. Raks Sondhi, Chief Operating Officer at Upbit Singapore, emphasized that the core team is already in place. Now, the company is focused on doubling its workforce in compliance, legal departments, and institutional and Web3 business development, following the recent regulatory approval.

Also Read: Upbit Hacking Attempts Surge 117% in a Year: Is Your Crypto Safe?

Upbit Singapore’s regulatory milestone signals a new era for cryptocurrency services in Singapore, with Upbit leading the way in providing secure, regulated, and innovative offerings for the market’s growing demands.