South Korean cryptocurrency exchange Upbit has secured a full operational license from the Monetary Authority of Singapore (MAS). This milestone allows the exchange to expand its digital asset services across the region, serving both retail and institutional clients.
The final regulatory approval, announced on January 8, follows an in-principle approval granted by MAS three months prior. This license enables Upbit Singapore to offer comprehensive digital token payment services and other blockchain-based financial solutions.
Alex Kim, founder and CEO of Upbit Singapore, stated:
“This license marks an important step for us to serve institutional and retail clients with cutting-edge digital asset solutions contributing to Singapore’s thriving digital ecosystem.”
Upbit Singapore, established in 2018, is part of the broader Upbit APAC group. It maintains close operational ties with Upbit Korea, one of South Korea's largest cryptocurrency exchanges, founded in 2017. The Singapore entity will now operate alongside other regulated sister exchanges in Indonesia and Thailand.
Expansion and Compliance Initiatives
As a licensed entity, Upbit Singapore is positioned to enhance its service offerings while adhering to strict regulatory standards. The company plans to integrate advanced security protocols and compliance measures to ensure user protection and operational transparency.
Through its subsidiary VerifyVASP, Upbit APAC is also contributing to global cryptocurrency adoption initiatives. These efforts focus on complying with international travel rule standards, strengthening anti-money laundering (AML) procedures, and combating terrorism financing within the digital asset industry.
The timing of this development is significant. It coincides with growing anticipation among global investors regarding the potential approval of a spot Bitcoin ETF in the United States. Regulatory advancements in major economies like Singapore and the U.S. reflect a broader trend toward the legitimization and institutional adoption of digital assets.
Frequently Asked Questions
What does Upbit’s full license in Singapore allow?
The license permits Upbit Singapore to offer digital payment token services to both retail and institutional customers. It signifies regulatory compliance and enables the exchange to operate within Singapore’s legal framework.
How does Upbit Singapore relate to Upbit Korea?
Upbit Singapore is part of the same corporate group as Upbit Korea and operates under the umbrella of Upbit APAC. While they serve different markets, they share technological infrastructure and compliance standards.
What are the implications of this license for the broader crypto market?
This approval reinforces Singapore’s reputation as a crypto-friendly jurisdiction and may encourage other digital asset firms to seek regulatory clarity. It also signals growing institutional acceptance of cryptocurrencies in Asia.
How does Upbit address security and regulatory compliance?
The exchange implements robust AML and KYC procedures, in line with MAS requirements. Additionally, it participates in global initiatives like the Travel Rule to enhance cross-border regulatory cooperation.
Can users in other Southeast Asian countries access Upbit Singapore?
While the license applies specifically to Singapore, Upbit operates regulated platforms in other countries like Thailand and Indonesia. Services may vary based on local regulations.
What are the next steps for Upbit after receiving this license?
The exchange is likely to expand its product offerings and forge new partnerships with financial institutions. 👉 Explore more about regulated crypto platforms to understand how major exchanges operate under full licensing.
The full licensing of Upbit in Singapore marks a significant step forward for the digital asset industry in Asia. By aligning with stringent regulatory standards, Upbit reinforces its commitment to security, innovation, and user empowerment. This development not only benefits local users but also contributes to the maturation of the global cryptocurrency ecosystem.