Singapore Authorities Allow Upbit to Operate

Singapore authorities allow Upbit to operate

Following stablecoin issuer Circle, US exchange Coinbase and blockchain technology company Ripple, Upbit Singapore is the next to receive approval from the Monetary Authority of Singapore (MAS), allowing the exchange to expand comprehensive cryptocurrency services in the island nation.

This achievement is the result of the announcement of the Exchange’s Principles (IPA) in October 2023.

Upbit website in Singapore: https://sg.upbit.com/home

Upbit Singapore Secures In-Principle Approval from the MAS

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. pic.twitter.com/AFC3IDBz6j

— Upbit Global (@upbitglobal) October 16, 2023

Founder and CEO Alex Kim proudly shares Upbit’s new progress:

Upbit Singapore is poised to become a hub for institutional operations, leveraging Singapore’s strong regulatory framework and reputation as a leading financial center in Asia.

In addition to the branch in Singapore, parent company Upbit APAC is also operating branches in Thailand and Indonesia.

Related: DEX DigiFT is Licensed to Operate in Singapore

In South Korea, the exchange’s headquarters, Upbit accounts for about 48% of the entire market’s trading share, according to CoinMarketCap. Upbit is also one of five fully licensed exchanges in Korea, alongside Bithumb, Coinone, Korbit and Gopax.