The Singaporean subsidiary of Upbit has obtained an in-principle approval (IPA) from the Monetary Authority of Singapore (MAS). According to a Monday press statement, the new milestone will allow the firm to operate as a major payment institution in the country.
Upbit’s service delivery in Singapore is expected to be in line with the Payment Services Act of 2019. According to its CEO, Alex Kim, Upbit has been building a foundation for cryptocurrencies to thrive in Singapore since 2018.
Kim revealed that the approval is a step forward in the company’s bid to cement its presence in Singapore. He commended the regulator for providing an enabling environment for retail, institutional, and infrastructure-focused businesses to thrive.
Similarly, the Chief Compliance Officer of Upbit Singapore, Azman Hamid gave some insights into the new development. According to him, the IPA signifies the exchange’s unrelenting dedication to building the most trusted digital asset businesses in Singapore. Also, he hopes that Upbit will be able to further establish Singapore as the leading hub of the next generation of financial businesses by collaborating with MAS, other businesses, and communities.
Meanwhile, with this MPI license obtained from the Monetary Authority in Singapore, Upbit Singapore can now join a group of regulated digital asset exchanges under Upbit APAC. Notably, the Upbit APAC is a group of prominent global digital assets. It includes regulated digital asset exchanges in Indonesia and Thailand and VerifyVASP, a Travel Rule solution provider.
Upbit and Its Collaboration With SSC Napoli
In recent years, Upbit has engaged in numerous collaborations to foster the adoption of cryptocurrencies. Recently, it partnered with SSC Napoli, an Italy-based football club. Notably, the partnership deal between Upbit and the football club is expected to run until the end of the 2023/2024 season for the Coppa Italia and the Series A competitions.
Also, the partnership will offer backing to Napoli’s plan of supporting technological advancement to aid the growth of the club’s global brand. Meanwhile, the exchange looks to secure similar deals with other football clubs in the future.