Upbit Gets Green Light for Major Payment Institution License in Singapore

Upbit Gets Green Light for Major Payment Institution License in Singapore

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South Korean Cryptocurrency Exchange Upbit Expands Horizons in Singapore

Upbit, a renowned South Korean cryptocurrency exchange, has achieved a significant milestone in the bustling crypto landscape of Singapore. The exchange’s Singapore entity proudly announced its receipt of preliminary approval from the Monetary Authority of Singapore (MAS) for a major payment institution license under the Payment Services Act. This crucial approval empowers Upbit to continue providing regulated digital payment token (DPT) services to discerning professional investors.

Rising Demand Amidst Global Uncertainties

Singapore has emerged as a favored destination for international businesses, attracting a wave of institutional investors seeking stability amidst global political uncertainties. Notably, non-retail customers such as family offices, private trusts, and affluent individuals have played a pivotal role in the burgeoning growth of assets managed within Singapore.

Upbit Singapore: A Hub for Global Operations

Established in 2018, Upbit’s Singapore branch stands as a cornerstone of the exchange’s global operations in the Asia-Pacific region. While the South Korean branch primarily caters to individual retail investors, the Singapore entity serves as a hub for Upbit’s expansive global endeavors. Presently, Upbit operates not only in Singapore but also in Indonesia and Thailand within the same dynamic region.

A Vision for Expansion and Excellence

Alex Kim, the founder and CEO of Upbit, affirmed the company’s commitment to excellence. He mentioned that once the exchange obtains the full license, Upbit will enhance its visibility and broaden its array of digital assets. The expansion plan includes increasing liquidity and introducing tailored services aimed at institutional clients.

Joining the Ranks of Esteemed Players

Upbit joins the league of distinguished organizations that have received full licenses to provide Digital Payment Token (DPT) services. Among these esteemed names are industry leaders like Coinbase, Ripple, and Sygnum Singapore. The achievement not only elevates Upbit’s status but also fortifies Singapore’s position as a significant player in the global cryptocurrency arena.

In essence, Upbit’s successful stride in Singapore underscores the exchange’s dedication to innovation, regulatory compliance, and a steadfast commitment to meeting the evolving needs of professional investors in the ever-dynamic world of cryptocurrencies. With regulatory approval paving the way, Upbit’s journey into a new realm of possibilities has only just begun, promising exciting developments on the horizon.