Upbit obtains initial approval for digital asset license in Singapore

Quick Take

  • Upbit, South Korea’s largest crypto exchange, received the initial greenlight from the Monetary Authority of Singapore to offer a broader range of Digital Payment Token services.

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.”

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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.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia reporter for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.