Upbit Crypto Exchange Can Operate in Singapore After Receiving Approval from Singapore Regulators

Crypto exchange Upbit gets the green light from Singapore regulators to operate. (Photo; Doc. Koinbulteni)

JAKARTA - Upbit, a leading crypto exchange from South Korea, has received regulatory approval from the Monetary Authority of Singapore (MAS), the main financial regulator in Singapore. This approval allows Upbit to provide regulated services in Singapore, a Southeast Asian city-state that is an important hub in the crypto world.

Upbit's Singapore subsidiary, one of South Korea's largest digital asset exchanges, has received "approval in principle" from MAS. This means that Upbit Singapore can continue to provide "digital payment token services" that have been regulated under the Payment Services Act in effect since 2019 while awaiting official licensing as a Primary Payment Institution (MPI).

Alex Kim, founder and CEO of Upbit Singapore, said that the platform has been building the foundation of its digital asset business in Singapore since 2018 and underlined that this regulatory approval is an important milestone in its efforts to deepen its presence there. Kim also highlighted Singapore's important role in the crypto ecosystem.

"Singapore, as our global powerhouse, opens up new possibilities for retail, institutional and infrastructure-focused businesses," said Kim.

Singaporean authorities have been active in regulating the crypto space and working with companies in the industry to set standards and promote financial innovation while ensuring consumer protection. Earlier this month, Singapore's central bank gave permission to blockchain company Ripple and America's leading crypto exchange Coinbase.

Azman Hamid, Upbit Singapore's head of compliance, stated, "Through exciting collaborations with regulators, businesses and the community, we will contribute to further strengthening Singapore's position as a leading hub for next-generation financial businesses."

When it obtains the MPI license, Upbit Singapore will become part of other regulated subsidiaries under Upbit in the Asia-Pacific region, such as Upbit APAC, which already operates licensed digital asset exchanges in Indonesia and Thailand.

For additional information, Upbit is the largest crypto exchange in South Korea based on trading volume and customer base. The exchange has over 180 crypto coins/tokens listed and over 300 trading pairs available. Upbit's 24-hour trading volume was reported at $2,822,558,781.91 or the equivalent of IDR 44.7 trillion. The most active trading pair is ORBS/KRW with a 24-hour volume of $678,482,124.61 or around IDR 10.7 trillion.