- Upbit’s foothold in Singapore’s flourishing crypto sector has been bolstered.
- Alex Kim, founder and CEO of Upbit Singapore, has also shared his enthusiasm.
Upbit Singapore received an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Upbit’s foothold in Singapore’s flourishing crypto sector has been bolstered by the announcement.
The MAS has given Upbit Singapore Pte. Ltd. an in-principle approval (IPA) for an MPI license, a major step forward for the exchange. Upbit Singapore is able to keep providing regulated Digital Payment Token services in accordance with the Payment Services Act 2019 because of this IPA.
Major Step Forward
Alex Kim, founder and CEO of Upbit Singapore, has also shared his enthusiasm, noting that this clearance is a major step in expanding the company’s footprint in Singapore, which is a major center for digital asset innovation in Asia.
He went on to say that Singapore is a great place for innovators because of its history of fostering new ideas while protecting consumers via open cooperation between government agencies and private sector enterprises.
Upbit Singapore’s Chief Compliance Officer Azman Hamid reaffirmed the company’s dedication to establishing reputable digital asset enterprises in Singapore. The country is well positioned to become the global center for the upcoming wave of financial enterprises because of the collaboration between the regulator, companies, and communities.
Upbit Singapore will join Upbit APAC’s other licensed digital asset exchanges once the MPI license is issued. Amid the ongoing scrutiny by regulators globally, major crypto exchanges have been going through tough times.
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