Upbit Singapore Receives License for Digital Payment Token Services in Singapore

Upbit Singapore, a digital asset exchange, has secured an in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI) for digital payment token services. This significant milestone enables Upbit Singapore to continue offering regulated digital payment token services in accordance with the Payment Services Act 2019 while awaiting the full license grant.

Alex Kim, the Founder and CEO of Upbit Singapore, emphasized the strategic importance of this approval, stating that it allows them to deepen their presence in Singapore, a prominent financial hub in Asia. He believes that Singapore's position at the forefront of digital asset innovation unlocks new possibilities for retail, institutional, and infrastructure-focused businesses.

Upbit Singapore expressed its commitment to upholding the high regulatory standards set by MAS in the digital asset industry. The collaborative relationship between the regulator and businesses in Singapore fosters sustainable innovation, making the country a global leader in promoting innovation while maintaining a strong commitment to consumer protection.

Azman Hamid, the Chief Compliance Officer of Upbit Singapore, highlighted the significance of this approval from MAS, a globally recognized financial regulator. He stressed that Upbit Singapore will work closely with the regulator, businesses, and communities to further solidify Singapore's position as a hub for the next generation of financial businesses.