Upbit, the largest cryptocurrency exchange start-up in South Korea, has announced that its Singapore branch is now ready to take off. It can build its Singapore branch after receiving registration approval from the Monetary Authority of Singapore, MAS.
What To Know About Upbit Singapore’s Authorization
On Monday, Upbit Singapore said that the Monetary Authority of Singapore (MAS) had given its application for a significant payment institution license under the Payment Services Act, which regulates cryptocurrency players, with preliminary approval.
Upbit Singapore Pte Ltd., a wholly owned subsidiary of Upbit APAC Pte Ltd. As the holding company, Upbit APAC runs VerifyVASP Pte. Ltd., the largest provider of Travel Rule solutions for digital assets, Upbit Exchange (Thailand) Co., Ltd., a regulated digital asset exchange and broker under the Thailand SEC and PT. Upbit Exchange Indonesia.
With the help of this license, Upbit Singapore will be able to provide various cryptocurrency-related services, including custody, trading, and online payment options. Upbit Singapore may now operate with additional regulatory control and give consumers a safe and legal platform to conduct cryptocurrency, NFT, and other blockchain transactions, all thanks to the MAS’s clearance.
The clearance would enable the exchange to offer institutional investors regulated digital payment token (DPT) services.
How Will Mutually Benefit The Country and The Company?
As institutional investors swarm to the Republic amid geopolitical unpredictability, international industry leaders have set their sights on Singapore as a pillar of development. This is evident in the growing interest and investments in the country’s crypto market. Upbit Singapore’s ability to provide regulated DPT services will further solidify Singapore’s position as a preferred destination for institutional investors looking to enter the digital asset space.
Words From the Officials
Alex Kim, the Founder and CEO of Upbit Singapore, says, “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 to deepen our presence in Singapore, which is at the forefront of digital asset innovation.”
Mr Raks Sondhi, Chief Operating Officer at Upbit Singapore, claimed that while the core team has been established, Upbit Singapore is now focusing on doubling its manpower in compliance and legal fields and institutional and Web3 business development following the latest regulatory approval.