In a promising development for the cryptocurrency industry, Upbit Singapore’s quest for regulatory recognition and expansion in Singapore has gained momentum. The Monetary Authority of Singapore (MAS) has issued an in-principle approval for a Major Payment Institution (MPI) license to Upbit Singapore, paving the way for the exchange to offer digital payment token services, primarily targeting institutional investors. While this approval is provisional, it signifies Upbit’s commitment to securing a foothold in the Singaporean market.

Upbit Singapore has quietly been establishing its presence in Singapore since 2018, gradually building its team and infrastructure. According to Raks Sondhi, the Chief Operating Officer of Upbit Singapore, this approval is a significant milestone in the exchange’s journey. “We have been here and operating in Singapore since 2018. We have been building out the team,” said Sondhi. This move aligns with a broader trend in the cryptocurrency industry, where major players are seeking recognition and regulation in jurisdictions known for their robust financial frameworks. Singapore, with its proactive approach to regulating digital assets, has emerged as a preferred destination for global crypto firms.

Upbit Singapore’s ambitions extend beyond its existing operations. Sondhi emphasized the exchange’s vision for Singapore, saying, “Our primary business has been in the digital asset exchange business, we will continue to build that out but also focus on the institutional segment and infrastructure projects.” This indicates Upbit’s intention to diversify its services, catering to institutional investors and engaging in significant blockchain and digital infrastructure initiatives.

Furthermore, Sondhi hinted at potential forays into new market segments, solidifying its position as a comprehensive digital assets service provider. To achieve these ambitious goals, the company has been actively recruiting experts since April, underscoring its dedication to becoming an integral part of Singapore’s digital assets landscape.

Azman Hamid, Upbit Singapore’s Chief of Compliance, expressed optimism about these developments. He believes that the approval highlights the exchange’s unwavering commitment to expanding its presence in Singapore. “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses,” Hamid stated, echoing the sentiments of many in the fintech industry who view Singapore as a major hub for digital innovation.

Once fully approved, Upbit will join an exclusive group of crypto firms with a full MPI digital payment token service license from MAS. Recent weeks have seen Singaporean counterparts of major crypto giants, such as Coinbase, Ripple, and Sygnum Bank, receiving their respective license approvals from MAS. This brings the total number of MAS-licensed digital payment token service firms to 15.

Coinbase, for instance, received its full MPI license approval on October 2nd, with GSR securing in-principle approval for its MPI license on the same day. Swiss crypto bank Sygnum’s Singapore branch obtained its full MPI license a day later, and Ripple completed its MPI licensing process on October 4th.

In conclusion, as global cryptocurrency exchanges like Upbit make significant progress in the Singaporean financial arena, it underlines Singapore’s status as a leading hub for digital finance and innovation. The recent string of MPI license approvals by MAS illustrates the country’s forward-thinking approach to digital assets. With the likes of Coinbase, Ripple, Sygnum Bank, and now Upbit Singapore making their mark, the island nation is positioning itself at the forefront of the evolving global crypto ecosystem.