UPbit becomes third major crypto firm to secure licensing in Singapore this October

South Korean apical cryptocurrency speech UPbit’s Singapore subsidiary, UPbit Singapore, has received an in-principle support from the Monetary Authority of Singapore (MAS).

On Oct. 16, UPbit Singapore said it received in-principle support for a Major Payment Institution (MPI) license, which enables the institution to connection regulated Digital Payment Token Services portion awaiting afloat approval. This milestone follows UPbit Singapore’s constitution successful 2018.

The support marks a important measurement for UPbit Singapore, which present joins the ranks of exchanges similar Coinbase and Blockchain.com with akin licenses.

Alex Kim, CEO of UPbit Singapore, emphasized the strategical value of this approval, highlighting its imaginable to fortify the speech beingness successful a starring hub for integer plus innovation.

Azman Hamid, the exchange’s Chief Compliance Officer, said the support was a testament to the company’s dedication to establishing a trusted integer plus endeavor successful Singapore.

Hamid said:

“Through engaging collaboration with the regulator, businesses and communities, we volition lend to further establish Singapore arsenic the starring hub for the adjacent procreation of fiscal businesses.”

UPbit is 1 of the largest South Korean crypto platforms. In August, the level accounted for astir 6% of the full trading volumes crossed centralized exchanges, outtrading rivals similar Coinbase and OKX.

Singapore’s crypto posture

Singapore has earned a estimation for its crypto regulatory measures designed to supply clarity for the emerging industry. As a result, the city-state has go a prime destination for respective integer plus firms.

For context, the MAS has granted astatine slightest 3 large crypto firms, including Ripple, Circle, and UPbit, licenses this period to grow their operations into the region. This brings the full fig of licensed crypto-related businesses successful the state to 15, further solidifying its presumption arsenic a planetary person successful the integer plus sector.

Additionally, a caller report by Henley and Partners’ Crypto Wealth stated that Singapore is the world’s starring crypto hub acknowledgment to its favorable regulatory environment, accent connected innovation and technology, and taxation incentives, among different factors.

The station UPbit becomes 3rd large crypto steadfast to unafraid licensing successful Singapore this October appeared archetypal connected CryptoSlate.