Upbit Singapore Receives Preliminary Approval for MPI License from MAS
Summary:
Singapore's branch of South Korea's leading exchange, Upbit, has secured preliminary approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This early approval will enable Upbit Singapore to offer digital payment token services as it awaits full license approval. The move is part of Upbit's strategic plan to enhance their presence in Singapore and join the ranks of 15 other crypto firms with MAS-approved digital payment token service licenses.
Upbit Singapore, a branch of South Korea's leading exchange Upbit, has garnered essential approval for a Major Payment Institution (MPI) license in Singapore. On 16th October, the Monetary Authority of Singapore (MAS) granted a preliminary license to Upbit Singapore, allowing the firm to extend digital payment token services to local investors while waiting for its full license. CEO and founder of Upbit Singapore, Alex Kim, expressed that the venture, established in 2018, views this recent approval as a key landmark to strengthen their position in Singapore. Azman Hamid, the company's head of compliance, confirmed that the approval epitomizes their determination to develop their Singapore-based operations and emphasized their vision to help bolster Singapore as a leading hub for emerging financial establishments. The full approval for Upbit may witness the platform join 15 other crypto firms holding complete MPI digital payment token service licenses from MAS. In October alone, Singapore-based branches of Coinbase, Ripple, and Sygnum Bank all obtained MAS license approvals, increasing the total number of MAS-approved digital payment token service firms to 15. Coinbase triumphed in achieving full approval for its MPI license on Oct. 2, the same day that crypto trading platform GSR secured preliminary MPI approval. Following this, Swiss crypto bank affiliate Sygnum Singapore achieved full MPI license approval, with Ripple attaining its full MPI on Oct. 4.
Published At
10/16/2023 12:46:13 AM
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