A South Korean cryptocurrency exchange, Upbit’s Singapore entity, announced that it has received preliminary approval from the Monetary Authority of Singapore (MAS) for a major payment institution license under the Payment Services Act, which regulates activities in the cryptocurrency sector.
The approval permits the exchange to keep offering regulated digital payment token (DPT) services to professional investors. Singapore is becoming a hotspot for international businesses due to the influx of institutional investors seeking stability in uncertain global politics.
These non-retail customers, including family offices, private trusts, and wealthy individuals, have significantly contributed to the growth of assets managed in Singapore.
The exchange also mentioned that it caters to regular investors, although the Monetary Authority of Singapore (MAS) cautioned against crypto trading as it is highly unpredictable and risky.
The South Korean branch of the exchange primarily caters to individual retail investors, while the Singapore branch serves as the hub for Upbit’s global operations in the Asia-Pacific region. Additionally, Upbit also operates in Indonesia and Thailand within the same region.
Till now, more than a dozen organizations have received full licenses to provide Digital Payment Token (DPT) services. Among them, notable names include Coinbase, Ripple, and Sygnum Singapore.
Also Read: Upbit Faces 159K Hacking Attempts In H1 2023: Report
