Upbit Singapore has received initial approval from the central bank and financial regulator of the country for a cryptocurrency license that allows them to operate locally.
The Singapore division of Upbit, which is South Korea’s largest exchange in terms of trading volume, has received initial approval for a Major Payment Institution (MPI) license in Singapore.
Upbit Singapore announced on October 16 that the Monetary Authority of Singapore (MAS) granted this preliminary approval, permitting them to offer digital payment token services to institutional investors as they wait for the full license.
Alex Kim, the founder and CEO of Upbit Singapore, stated that the company was established in 2018 but considers this recent approval as a strategic achievement that will help them strengthen their presence in the local market.
Azman Hamid, the compliance chief of the company, stated that the approval reflects their dedication to expanding their business in Singapore. He added, “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses.”
If Upbit receives full approval, it would become one of 15 crypto companies holding full MPI digital payment token service licenses from the Monetary Authority of Singapore (MAS).
In October, the Singaporean branches of Coinbase, Ripple, and Sygnum Bank all secured license approvals from MAS. This brought the total number of MAS-licensed digital payment token service companies to 15.
Specifically, Coinbase obtained full approval for its MPI license on October 2, and GSR, a crypto trading firm, received in-principle approval for its MPI on the same day. Sygnum Singapore, a subsidiary of a Swiss crypto bank, received its full MPI license one day later, and Ripple received its full MPI license on October 4.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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