Upbit Singapore has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This is accomplished via in-principle approval (IPA). IPA allows Upbit Singapore to continue offering licensed digital payment token services in accordance with the Payment Services Act of 2019. The official certification has not yet been issued.
According to Alex Kim, Founder and CEO of Upbit Singapore, the company has established a solid foundation for digital asset activities in Singapore, which is widely recognized as the world’s premier financial destination. The MAS’s approval will be a turning point in Upbit Singapore’s efforts to solidify its position in Singapore.
MAS is a benchmark in terms of regulations related to the digital asset space through which sustainable innovations can be carried out. Singapore has a reputation for encouraging innovation, along with taking all necessary measures to ensure consumer safeguarding.
According to Azman Hamid, the Chief Compliance Officer at Upbit Singapore, they are incredibly delighted to have received the IPA from MAS. This demonstrates that they are serious about upholding their promise to be a reputable business dealing in digital assets. From this point on, according to him, the company won’t be able to turn around.
Once Upbit Singapore obtains official consent, the company will be a part of the list of prime licensed digital asset exchanges running under Upbit APAC, which is an international digital asset association. This will involve certified digital asset exchanges in places like Indonesia and Thailand, along with VerifyVASP, a top travel rule solution supplier. Upbit APAC will continue to connect with international, institutional, and framework-oriented companies.
Upbit Singapore is a totally owned affiliate of Upbit APAC, a company running Upbit exchange, which is engaged in digital assets. Upbit exchange Indonesia is a certified digital asset exchange running under the Indonesian BAPPEBTI and VerifyVASP Pte. Ltd.
