May 29, 2024
Upbit Singapore Secures In-Principle License from MAS: Implications for the Crypto Industry
Policy & Regulation

Upbit Singapore Secures In-Principle License from MAS: Implications for the Crypto Industry

A Major Payment Institution (MPI) license in Singapore has been granted in principle to the Singapore business for Upbit, the largest exchange by volume in South Korea.

On October 16, Upbit Singapore said that the Monetary Authority of Singapore (MAS) has approved its application for an in-principle license, allowing it to continue providing institutional investors with digital payment token services while awaiting a complete license.

According to Upbit Singapore’s COO Raks Sondhi, with the permission, the company “will gradually come out of stealth mode.”

“We have been here and operating in Singapore since 2018. We have been building out the team,” Sondhi added, noting that since April, more people have been hired.

“Our primary business has been on the digital asset exchange business; we will continue to build that out but also focus on the institutional segment and infrastructure projects,” stated Sondhi. “There are also some other market segments we believe we can work well within.“

The firm’s compliance chief, Azman Hamid, said the license shows its dedication to growing its activities in Singapore. “We will help to further cement Singapore as the top centre for the upcoming financial businesses,” he continued.

If Upbit were to receive complete permission, it would join the other 15 cryptocurrency companies that have received licenses from MAS to serve full MPI digital payment tokens.

The Singaporean subsidiaries of Coinbase, Ripple, and Sygnum Bank all gained license approvals from MAS in October alone, bringing the total number of MAS-licensed companies providing digital payment token services to 15 as a result.

On October 2, Coinbase gained complete clearance for its MPI license, and the same day, GSR, a cryptocurrency trading company, received in-principle permission. A day later, Sygnum Singapore, a Swiss crypto bank subsidiary, obtained its full MPI license, and on October 4, Ripple obtained its complete MPI.


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