Upbit Singapore Gets Green Light from MAS for Digital Payment Token Services

Upbit Singapore, a subsidiary of Upbit APAC, a prominent global digital asset group, has received an in-principle approval (IPA) for a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). This IPA allows Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 while awaiting the grant of the full licence.

Upbit Singapore: A Trusted Digital Asset Business in Singapore

Upbit Singapore was established in 2018 as a wholly owned subsidiary of Upbit APAC, which also operates regulated digital asset exchanges in Indonesia and Thailand, and VerifyVASP, a leading Travel Rule solution provider for digital assets. Upbit Singapore aims to build solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia.

Alex Kim, founder and CEO of Upbit Singapore, said: “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. Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure focused businesses.”

MAS: A High Regulatory Standard for the Digital Asset Industry

The MAS is the central bank and financial regulatory authority of Singapore. It sets a high regulatory standard for the digital asset industry, cultivating sustainable innovation. With an inclusive collaboration between the regulator and businesses, Singapore is globally reputed for promoting innovation as well as maintaining a steadfast commitment to consumer protection, making it the top location for committed innovators.

Azman Hamid, Chief Compliance Officer of Upbit Singapore, said: “We are incredibly proud to receive the IPA from MAS, a globally renowned financial regulator. This approval reflects our unwavering commitment to building trusted digital asset businesses in Singapore. Through engaging collaboration with the regulator, businesses and communities, we will contribute to further establish Singapore as the leading hub for the next generation of financial businesses.”

Upbit APAC: A Prominent Global Digital Asset Group

Upbit APAC is the holding company of Upbit Singapore and other regulated digital asset exchanges and service providers in the Asia-Pacific region. Upbit APAC aims to accelerate its expansion towards global, institutional, and infrastructure focused businesses, empowering committed builders.

Following the grant of the MPI licence from the MAS, Upbit Singapore will join the group of regulated digital asset exchanges operated under Upbit APAC. Upbit APAC’s vision is to create a more open, fair, and accessible financial system for everyone.