Upbit’s Regulatory Triumph in Singapore: Approaching Full License Approval
Upbit Singapore has secured conditional approval from the Monetary Authority of Singapore, allowing it to continue offering regulated digital asset services under the Payment Services Act 2019 while awaiting full license approval. The exchange’s impressive trading volume in July has set it on a path to rival significant players like Coinbase. This milestone highlights Singapore’s growing crypto-friendly stance and emerging as a global crypto hub.
South Korean cryptocurrency exchange Upbit has achieved a significant milestone on its journey to becoming a major player in the Singaporean crypto market. Upbit Singapore has recently received in-principle approval from the Monetary Authority of Singapore (MAS). This commendable feat enables the exchange to continue providing regulated digital payment token services while it awaits the issuance of a full license. This achievement underscores Upbit’s commitment to regulatory compliance and signifies Singapore’s increasing openness to the crypto industry.
The in-principle approval (IPA) granted by MAS is a notable development in Upbit’s expansion into Singapore. It empowers Upbit Singapore to operate within the Payment Services Act 2019 regulatory framework, ensuring that it complies with the nation’s financial regulations. Azman Hamid, the Chief Compliance Officer of Upbit Singapore, expressed the company’s pride in receiving the IPA from MAS, a globally respected financial regulator. Hamid commented, “This approval reflects our unwavering commitment to building trusted digital asset businesses in Singapore.”
Upbit Singapore, a subsidiary of South Korea’s largest crypto exchange, has been making steady progress since its establishment in 2018. In 2020, it was granted exempt status, exempting it from holding a license under the Payment Services Act. This initial approval marks another step forward for Upbit in establishing itself as a leading crypto service provider in the Singaporean market.
What sets Upbit apart is its remarkable trading volume. In July, the exchange recorded a staggering trading volume of $29.8 billion. Surpassing major crypto exchange Coinbase, which registered $28.6 billion during the same period, Upbit has positioned itself as a strong contender in the crypto trading arena. This outstanding performance has undoubtedly contributed to its successful IPA application.
Singapore’s cryptocurrency landscape has been evolving rapidly, with several significant players entering the market. Coinbase, a well-known name in the crypto space, received an MPI license from MAS in October, marking its entry into the Singaporean market. The company is committed to creating local opportunities, including job openings, investments, and university workshops.
Singapore’s pro-crypto stance is evident in its willingness to embrace blockchain and cryptocurrency companies. In June, MAS granted in-principle approval to Ripple, a blockchain firm, despite the company embroiling in a lengthy legal battle with the U.S. Securities and Exchange Commission (SEC). This demonstrates Singapore’s determination to foster a crypto-friendly environment and attract innovative companies.
Moreover, Singapore recently hosted Token2049, a prominent conference in Asia’s web3 and crypto space. The event set new records, with over 10,000 attendees and more than 300 exhibitors. It featured renowned speakers like Sam Altman, CEO of OpenAI, Sandeep Narwal, co-founder of Polygon, and Changpeng “CZ” Zhao, CEO of Binance. Token2049’s success further solidified Singapore’s position as a thriving hub for the crypto and blockchain industry in the region.
As Upbit Singapore moves closer to obtaining its full license, it signals a bright future for the exchange and the broader crypto community in Singapore. With regulatory support, a commitment to compliance, and impressive trading volumes, Upbit is poised to become a leading force in the Singaporean crypto landscape, contributing to the nation’s aspiration to be a global crypto hub.
