Upbit Singapore receives initial approval from MAS

Oct 16, 2023
The Monetary Authority of Singapore (MAS) has approved the receipt of MPI by the South Korean crypto exchange Upbit Singapore. This was announced by representatives of the exchange in a press release on October 16.

MPI will allow the provision of regulated token trading services in accordance with the PSA Payment Services Act 2019 until a full license is obtained.

According to the London-based consulting company Henley & Partners, Singapore is the world’s leading center of cryptocurrencies. This was achieved thanks to the close cooperation of the Government with banks, business and the public community.

Azman Hamid, Director of Regulatory Compliance at Upbit Singapore, said he is proud to receive an IPA from MAS and the exchange would definitely contribute to the establishment of Singapore as a leading center for a new generation of financial business.

Recall that Upbit Singapore was founded in 2018 and in accordance with the PSA has the status of an organization that did not require a license to provide payment services for a certain period.