South Korean top cryptocurrency exchange UPbit’s Singapore subsidiary, UPbit Singapore, has received an in-principle approval from the Monetary Authority of Singapore (MAS).

On Oct. 16, UPbit Singapore said it received in-principle approval for a Major Payment Institution (MPI) license, which enables the company to offer regulated Digital Payment Token Services while awaiting full approval. This milestone follows UPbit Singapore’s establishment in 2018.

The approval marks a significant step for UPbit Singapore, which now joins the ranks of exchanges like Coinbase and Blockchain.com with similar licenses.

Alex Kim, CEO of UPbit Singapore, emphasized the strategic importance of this approval, highlighting its potential to strengthen the exchange presence in a leading hub for digital asset innovation.

Azman Hamid, the exchange’s Chief Compliance Officer, said the approval was a testament to the company’s dedication to establishing a trusted digital asset enterprise in Singapore.

Hamid said:

“Through engaging collaboration with the regulator, businesses and communities, we will contribute to further establish Singapore as the leading hub for the next generation of financial businesses.”

UPbit is one of the largest South Korean crypto platforms. In August, the platform accounted for around 6% of the total trading volumes across centralized exchanges, outtrading rivals like Coinbase and OKX.

Singapore’s crypto posture

Singapore has earned a reputation for its crypto regulatory measures designed to provide clarity for the emerging industry. As a result, the city-state has become a choice destination for several digital asset firms.

For context, the MAS has granted at least three major crypto firms, including Ripple, Circle, and UPbit, licenses this month to expand their operations into the region. This brings the total number of licensed crypto-related businesses in the country to 15, further solidifying its position as a global leader in the digital asset sector.

Additionally, a recent report by Henley and Partners’ Crypto Wealth stated that Singapore is the world’s leading crypto hub thanks to its favorable regulatory environment, emphasis on innovation and technology, and tax incentives, among other factors.