On October 16, 2023, Upbit Singapore Pte. Ltd. (Upbit Singapore), secured an in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence, marking a pivotal step in the firm’s journey to fortify its digital asset venture in the region. This provisional approval allows Upbit Singapore to persist in rendering regulated Digital Payment Token services in alignment with the Payment Services Act 2019, while awaiting the issuance of the full license.
This move isn’t isolated but mirrors a broader regulatory narrative in Singapore, with notable entities like Sygnum Singapore, Coinbase, GSR Markets, Blockchain.com, and Crypto.com also securing MPI licenses.
Since 2018, Upbit Singapore has been laying robust foundations for a vigorous digital asset business in Singapore, a renowned financial hub in Asia. The IPA from MAS, a globally recognized financial regulator, represents a…
