Upbit obtains initial approval for digital asset license in Singapore

Upbit, a South Korean crypto exchange owned by Dunamu, has obtained in-principle approval from the Monetary Authority of Singapore through a local entity, the company said today.

It said in a statement that the initial approval for a Major Payment Institution license to Upbit Singapore Pte. Ltd. allows it to continue providing relevant services while awaiting the grant of the full license.

"Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia,” Alex Kim, founder and CEO of Upbit Singapore, said in the statement. “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.”

Earlier this month, Coinbase was granted the full MPI license — nearly a year after it obtained in-principle approval. 

In June, Circle also received an MPI license, allowing its affiliate, Circle Internet Singapore, to offer digital payment token services, and cross-border and domestic money transfer services in the city-state.