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Upbit Secures Conditional Approval from Singapore’s Financial Regulator

2 mins
Updated by Kyle Baird
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In Brief

  • Upbit has received in-principle approval from the Monetary Authority of Singapore to offer digital asset services.
  • Upbit Singapore can continue providing regulated Digital Payment Token services while awaiting full license approval.
  • The exchange's trading volume in July surpassed that of major crypto exchange Coinbase, recording $29.8 billion.
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Cryptocurrency exchange Upbit has received in-principle approval from the Monetary Authority of Singapore (MAS) to continue offering digital asset services while awaiting full license approval.

“The IPA enables Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 whilst awaiting the grant of the full license,” the statement explained.

Upbit Broadens Its Spectrum of Regulatory Approvals

According to a recent statement, Upbit received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

“Following the grant of the MPI license from the MAS, Upbit Singapore will join the group of regulated digital asset exchanges operated under Upbit APAC.”

Upbit’s trading volume in July, which amounted to $29.8 billion, surpassed that of major crypto exchange Coinbase, which recorded $28.6 billion.

The timeline for converting this conditional approval into full approval remains uncertain. In June, BeInCrypto reported that received full approval for trading in Singapore from the MAS.

However, this was nearly a year after being granted conditional approval.

Singapore Embraces Crypto-Friendly Stance

Meanwhile, on October 2, Coinbase also obtained an MPI from the MAS. This was part of its endeavor to enter the Singaporean market.

Coinbase expressed its commitment to offer local opportunities to the people of Singapore, including job openings, investments, and university workshops.

On the other hand, Singapore appears to foster a crypto-friendly environment and is taking independent steps within the crypto industry.

On June 22, the MAS granted Ripple, a blockchain company, in-principle approval to establish operations in Singapore.

However, this unfolded against the backdrop of a prolonged lawsuit. Ripple had been in a legal battle with the US SEC for almost two years.

Recently, Singapore played host to Token2049, a major conference in the web3 and crypto space in Asia.

The conference set new attendance and participation records, with over 10,000 attendees and more than 300 exhibitors. Prominent figures such as Sam Altman, CEO of OpenAI, Sandeep Nailwal, co-founder of Polygon, and Changpeng “CZ” Zhao, CEO of Binance, were featured speakers at the conference.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.