Upbit has received in-principle approval from the Monetary Authority of Singapore (MAS) to continue offering digital asset services while awaiting full license approval. The in-principle approval, known as the In-Principle Approval (IPA), allows Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019. The IPA ensures Upbit’s compliance while the exchange anticipates the grant of the full license.
Following the grant of the Major Payment Institution (MPI) license from MAS, the exchange is set to become part of the group of regulated digital asset exchanges operated under Upbit APAC. The MPI license signifies a significant step for Upbit, allowing the exchange to operate in a regulated environment and expand its services within the region.
Upbit Surpasses Coinbase in July Trading Volume as Singapore’s Crypto Industry Flourishes
Upbit’s trading volume for July soared to $29.8 billion, surpassing major crypto exchange Coinbase, which recorded $28.6 billion. This achievement solidifies Upbit’s position in the market, highlighting its growing influence and prominence in the crypto trading arena.
Singapore’s crypto industry is witnessing rapid growth, facilitated by regulatory approvals and a crypto-friendly environment. Notably, on October 2, Coinbase obtained an MPI from MAS, marking its entry into the Singaporean market. The exchange expressed its commitment to providing local opportunities, including job openings, investments, and educational workshops for the people of Singapore.
Moreover, Singapore has been fostering a crypto-friendly environment by granting in-principle approvals to blockchain companies like Ripple. Despite a prolonged legal battle with the US SEC, Ripple received the green light from MAS to establish operations in Singapore. This move underscores Singapore’s willingness to embrace blockchain technology and cryptocurrencies.
Singapore further solidified its position in the global crypto space by hosting Token2049, a major conference in the web3 and crypto industry. The conference witnessed record-breaking attendance, with over 10,000 participants and more than 300 exhibitors. Prominent figures, including Sam Altman, CEO of OpenAI, Sandeep Nailwal, co-founder of Polygon, and Changpeng “CZ” Zhao, CEO of Binance, shared their insights as featured speakers at the event. Token2049 served as a testament to Singapore’s growing influence in shaping the future of the crypto industry.