On October 16, 2023, Upbit Singapore Pte. Ltd. (Upbit Singapore), secured an in-principle approval (IPA) from the Financial Authority of Singapore (MAS) for a Main Fee Establishment (MPI) licence, marking a pivotal step within the agency’s journey to fortify its digital asset enterprise within the area. This provisional approval permits Upbit Singapore to persist in rendering regulated Digital Fee Token providers in alignment with the Fee Providers Act 2019, whereas awaiting the issuance of the total license.
This transfer isn’t remoted however mirrors a broader regulatory narrative in Singapore, with notable entities like Sygnum Singapore, Coinbase, GSR Markets, Blockchain.com, and Crypto.com additionally securing MPI licenses.
Since 2018, Upbit Singapore has been laying sturdy foundations for a vigorous digital asset enterprise in Singapore, a famend monetary hub in Asia. The IPA from MAS, a globally acknowledged monetary regulator, represents a major milestone that strategizes Upbit Singapore’s deeper penetration into the Singaporean market, which is seen as a nexus for digital asset innovation. This additionally symbolizes Singapore’s ongoing dedication to fostering innovation whereas making certain client safety, thereby attracting dedicated innovators to its shores.
Alex Kim, the Founder and CEO of Upbit Singapore, emphasised that this approval is instrumental in unlocking new vistas for retail, institutional, and infrastructure-centric companies. Furthermore, Azman Hamid, the Chief Compliance Officer of Upbit Singapore, expressed immense delight in receiving the IPA, reiterating the agency’s unwavering dedication to nurturing trusted digital asset enterprises in Singapore. By way of collaborative efforts with regulators and the group, Upbit Singapore envisions to reinforce Singapore’s stature as a number one hub for next-gen monetary enterprises.
With the interim grant of the MPI license, Upbit Singapore is about to hitch the ranks of regulated digital asset exchanges below Upbit APAC, a major world digital asset group. The group encompasses regulated digital asset exchanges in Indonesia and Thailand, together with VerifyVASP Pte. Ltd., a foremost Journey Rule resolution supplier for digital property. This transfer is predicted to gasoline Upbit APAC’s ambition of broadening its world attain, catering to institutional and infrastructure-focused companies, thus empowering devoted builders within the digital asset area.
Upbit Singapore is an entirely owned subsidiary of Upbit APAC Pte. Ltd. (Upbit APAC). The holding firm, Upbit APAC, additionally operates different regulated digital asset exchanges and brokers below numerous jurisdictions, together with Thailand’s SEC and Indonesia’s BAPPEBTI, additional showcasing its world footprint within the digital asset ecosystem.
Picture supply: Shutterstock
