The Singapore Entity of Upbit Receives In-Principal Approval for Major Payment Institution License
Upbit, the largest cryptocurrency exchange in South Korea, has received in-principal approval for a Major Payment Institution (MPI) license in Singapore. The Monetary Authority of Singapore (MAS) granted this approval, allowing Upbit Singapore to offer digital payment token services to institutional investors while it awaits its full license.
The founder and CEO of Upbit Singapore, Alex Kim, described this approval as a strategic milestone for the company to strengthen its local presence. Azman Hamid, the compliance chief, emphasized that the approval reflects their commitment to building their businesses in Singapore and contributing to establishing the country as a leading hub for next-generation financial businesses.
Increasing Number of MAS-Licensed Crypto Firms
If Upbit receives full approval, it will become one of the 15 crypto firms with full MPI digital payment token service licenses from MAS. In October alone, Coinbase, Ripple, and Sygnum Bank’s Singaporean entities received license approvals from MAS, bringing the total number of licensed digital payment token service firms to 15.
Coinbase obtained full approval for its MPI license on October 2nd. On the same day, GSR, a crypto trading firm, received in-principal approval for its MPI license. Sygnum Singapore, a subsidiary of a Swiss crypto bank, obtained its full MPI license a day later. Ripple also received its full MPI on October 4th.
Hot Take: Strengthening Crypto Regulation in Singapore
The in-principal approval of Upbit’s MPI license by MAS highlights the strengthening regulatory environment for cryptocurrencies in Singapore. With an increasing number of licensed digital payment token service firms, Singapore is positioning itself as a leading global hub for crypto-related businesses. The approval of Upbit’s full license will further solidify its presence in the Singaporean market and contribute to the country’s goal of becoming a prominent player in the next generation of financial services.
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