Upbit Receives Initial Approval in Singapore: Details

The Singapore branch of Upbit, South Korea’s largest exchange in terms of trading volume, has received preliminary approval for a Major Payment Institution (MPI) license in Singapore.

Upbit to Expand Operations in Singapore

In a recent report, Upbit Singapore’s Chief Operating Officer, Raks Sondhi, states that following the approval, the company will progressively step out of its concealed operational status.

In particular, South Korea’s largest exchange in terms of trading volume, Upbit Singapore announced on October 16 that it has received preliminary approval from the Monetary Authority of Singapore (MAS). This approval permits the company to offer digital payment token services to institutional investors while awaiting the issuance of its complete license.

Singapore has been a Primary Target Since 2018

Sondhi said: “We have been here and operating in Singapore since 2018. We have been building out the team,” he added: “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.”

Azman Hamid, the firm’s head of compliance, remarked that this approval signifies their unwavering commitment to fostering their business ventures within the Singaporean landscape.

He said:  “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses.”

Recent Approval of Multiple Exchanges

It is worth highlighting that within the singular month of October, the Singapore-based establishments of Coinbase, Ripple, and Sygnum Bank each secured the coveted licensing endorsements from the Monetary Authority of Singapore (MAS).

Upbit Reported Extraordinary Surge in Hacks in 2023

Upbit has garnered attention lately because of data indicating that it experienced an extraordinary surge in hacking attempts during the first half of 2023.

Moreover, in a September report, the Monetary Authority of Singapore introduced a regulatory framework designed for non-bank-issued stablecoins pegged to either the Singapore dollar or the G10 currencies, encompassing the euro, British pound, and US dollar. These regulations apply to stablecoins with a circulation surpassing 5 million Singapore dollars (equivalent to $3.7 million).