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Despite earlier notable setbacks associated with the cryptocurrency sector, including 3AC and the unsuccessful investment in FTX, the Singaporean government has been granting approvals to several crypto platforms in recent weeks.
The most recent recipient of preliminary approval is the South Korean powerhouse – UPbit.
Wave of Approvals
This month, Ripple, Coinbase, and smaller entities like Sygnum and GSR have all received an MPI (Major Payment Institute) license from the Singaporean authorities.
While additional details must still be finalized before UPbit Singapore can operate at its full potential, the in-principle agreement (IPA) permits the crypto exchange to offer digital payment token services within the city-state. The complete license is expected to be issued later, provided no unforeseen issues arise.
Alex Kim, the CEO of UPbit, remarked that securing the MPI license was a significant achievement that his company has pursued since 2018, considering Singapore’s regional and global significance in financial markets.
“Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure-focused businesses.”
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Based on trading volume, UPbit is the largest cryptocurrency exchange in Korea, generating figures nearly ten times greater than its nearest rival, Bithumb, according to Statista.
Nonetheless, both exchanges were subject to investigations by South Korean authorities earlier this year. The headquarters of both companies were searched in May as part of an inquiry into local politician Kim Nam-Huk. It is important to note that the raids were likely related to the transfer of the politician’s crypto assets between them and not necessarily indicative of any wrongdoing by the exchanges themselves.
Mutual Trust Is Essential
UPbit Singapore Pte. Ltd. will function under the umbrella of UPbit APAC, which oversees the exchange’s operations in Thailand and Indonesia. UPbit APAC also manages VerifyVASP, a proprietary Travel Rule solution provider.
Azman Hamid, Chief Compliance Officer of UPbit Singapore, expressed gratitude to the MAS for their trust and reaffirmed his company’s dedication to supporting Singapore in sustaining its leadership in financial markets.
“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 establishing Singapore as the leading hub for the next generation of financial businesses.”
With this achievement, UPbit will continue to enhance tools for developers – such as VerifyVASP – along with its trading functionalities.
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