Digital asset exchange Upbit Singapore has secured license to provide digital payment token services in Singapore.

The firm said in a statement that the Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for a Major Payment Institution (MPI) license to the firm.

The IPA enables Upbit Singapore to continue providing regulated digital payment token services in compliance with the Payment Services Act 2019 whilst awaiting the grant of the full license.

“Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia,

“This approval from MAS is a strategic milestone for us to deepen our presence in Singapore, which is at the forefront of digital asset innovation. Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure focused businesses,” said Alex Kim, Founder and Chief Executive Officer of Upbit Singapore.

According to the statement, the MAS sets a high regulatory standard for the digital asset industry, cultivating sustainable innovation.

With an inclusive collaboration between the regulator and businesses, it said Singapore is globally reputed for promoting innovation as well as maintaining a steadfast commitment to consumer protection, making it the top location for committed innovators.

“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” said Azman Hamid, Chief Compliance Officer of Upbit Singapore.

Upbit Singapore is a wholly owned subsidiary of Upbit APAC.

Following the grant of the MPI license from the MAS, Upbit Singapore will join the group of regulated digital asset exchanges operated under Upbit APAC.

Upbit APAC, a prominent global digital asset group, includes regulated digital asset exchanges in Indonesia and Thailand, and VerifyVASP, a leading Travel Rule solution provider.

Upbit APAC will accelerate its expansion towards global, institutional, and infrastructure focused businesses, empowering committed builders.

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