Upbit Receives Preliminary 'In-Principal' Approval in Singapore

The in-principal approval allows Upbit Singapore to continue providing regulated digital payment token services in compliance with the Payment Services Act 2019.

AccessTimeIconOct 16, 2023 at 5:03 a.m. UTC
Updated Oct 16, 2023 at 7:47 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Leading South Korean cryptocurrency exchange Upbit's Singapore entity has received In-Principal Approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

The MPI license will allow the exchange to continue offering regulated digital payment token services under the Payments Services Act (PSA), 2019 while awaiting the full approval, the exchange said in a press release on Monday.

Singapore usually regulates cryptocurrencies as digital payment tokens under the PSA. According to London-based investment migration consultancy Henley & Partners, Singapore has emerged as the world's leading crypto hub followed by Switzerland and the United Arab Emirates, thanks to the country's government working closely with banks, businesses and the public.

"We are incredibly proud to receive the IPA from MAS, a globally renowned financial regulator. This approval reflects our unwavering commitment to building trusted digital asset businesses in Singapore. Through engaging collaboration with the regulator, businesses and communities, we will contribute to further establish Singapore as the leading hub for the next generation of financial businesses," Azman Hamid, Chief Compliance Officer of Upbit Singapore, said.

Upbit Singapore was established in 2018 and received exempt status from holding a license under the PSA in 2020.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about