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Upbit Singapore secures licence for digital payment token services

Upbit Singapore has received an in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence. This IPA will allow the digital asset exchange to offer regulated digital payment token services under the Payment Services Act 2019 while awaiting the full licence. Upbit Singapore CEO, Alex Kim, expressed the move as a strategic milestone, emphasising Singapore’s role as a leader in digital asset innovation. The MAS’s stringent regulatory standards make Singapore a prime location for committed innovators, blending sustainable innovation with consumer protection. As a subsidiary of Upbit APAC, Upbit Singapore joins its parent company’s global network, which includes regulated exchanges in Indonesia and Thailand. The approval signifies Upbit APAC’s continued growth in global digital asset markets.

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