SINGAPORE, Oct. 16, 2023 /PRNewswire/ -- Today, we are pleased to announce that the Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for a Major Payment Institution (MPI) licence to Upbit Singapore Pte. Ltd. (Upbit Singapore). 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 licence.

"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 CEO of Upbit Singapore.

The MAS sets a high regulatory standard for the digital asset industry, cultivating sustainable innovation. With an inclusive collaboration between the regulator and businesses, 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.

Following the grant of the MPI licence 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.

About Upbit Singapore:

Upbit Singapore Pte. Ltd. is a wholly owned subsidiary of Upbit APAC Pte. Ltd. (Upbit APAC). As the holding company, Upbit APAC operates Upbit Exchange (Thailand) Co., Ltd., a regulated digital asset exchange and broker under Thailand SEC, PT. Upbit Exchange Indonesia, a regulated digital asset exchange under Indonesia BAPPEBTI, and VerifyVASP Pte. Ltd., the world's largest Travel Rule solution provider for digital assets.