The MPI license will allow the exchange to continue offering regulated digital payment token services under the Payments Services Act (PSA), 2019 while awaiting the full approval, the exchange said in a press release on Monday.

Singapore usually regulates cryptocurrencies as digital payment tokens under the PSA. According to London-based investment migration consultancy Henley & Partners, Singapore has emerged as the world’s leading crypto hub followed by Switzerland and the United Arab Emirates, thanks to the country’s government working closely with banks, businesses and the public.

“We are incredibly proud to receive the IPA from MAS, a globally renowned financial regulator. This approval reflects our unwavering commitment to building trusted digital asset businesses in Singapore. Through engaging collaboration with the regulator, businesses and communities, we will contribute to further establish Singapore as the leading hub for the next generation of financial businesses,” Azman Hamid, Chief Compliance Officer of Upbit Singapore, said.

Upbit Singapore was established in 2018 and received exempt status from holding a license under the PSA in 2020.