South Korean cryptocurrency exchange Upbit on Monday announced that it has gained preliminary consent from the Monetary Authority of Singapore (MAS) to provide digital payment token services within the city-state.

As the digital currency landscape continues to evolve globally, such advancements will likely be a point of discussion at Benzinga's Future of Digital Assets conference on Nov. 14.

Alex Kim, the founder and CEO of Upbit Singapore, said that this approval would enable the company to cater to "retail, institutional, and infrastructure-focused businesses" in the Asian financial hub.

Notably, Upbit Singapore operates as a direct subsidiary of Upbit APAC, which also oversees regulated digital asset platforms in nations like Thailand and Indonesia.

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If Upbit secures complete approval, it will become one of 16 entities holding comprehensive digital payment token service licenses from MAS.

Just last month, Singapore branches of Coinbase (NASDAQ:COIN), Ripple (CRYPTO: XRP), and Sygnum Bank also attained licenses from MAS, bringing the total count of licensed firms to 15.

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