Miguel Cordon · · 1 min readUpbit Singapore secures provisional license for local digital assets biz
Photo credit: Upbit Singapore
Upbit Singapore, a subsidiary of South Korean crypto major Upbit, has obtained provisional approval from the Monetary Authority of Singapore for a major payment institution license under the Payment Services Act 2019.
The approval allows Upbit Singapore to continue offering regulated digital payment services to both retail and institutional investors in the city-state until it gets the full license.
Upbit Singapore started building the foundations for its digital assets business in 2018. It is part of Upbit APAC, which includes regulated digital asset exchanges in Indonesia and Thailand.
Upbit Singapore’s founder and CEO, Alex Kim, acknowledged Singapore’s role as a trailblazer in digital asset regulation, which draws global and regional players to the country.
“Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure-focused businesses,” he added.
The provisional approval is valid for six months from the date of issuance. Once fully licensed, Upbit Singapore will join the ranks of Circle, Coinbase, and Payoneer.
See also: CoinGecko remains profitable in crypto winter, believes the worst is over
Editing by Jaclyn Tiu
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