Upbit Singapore Receives In-Principle Approval for Major Payment Institution License
South Korea’s top cryptocurrency exchange, Upbit, has been granted in-principle approval for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This initial approval allows Upbit Singapore to continue offering digital payment token services to institutional investors while awaiting full authorization.
Joining an Exclusive Group of Crypto Firms
Once it receives full approval, Upbit will become part of a select group of 15 crypto firms with MPI licenses for digital payment token services from MAS. This regulatory approval reflects the growing trend in the crypto industry, as numerous entities obtained their licenses from MAS in October.
Milestone for Upbit Singapore
Alex Kim, the founder and CEO of Upbit Singapore, considers the in-principle license approval as a significant milestone that strengthens the exchange’s presence in the local market. Other notable players like Coinbase, GSR, and Sygnum Singapore also obtained MPI licenses recently.
Singapore’s Cryptocurrency-Friendly Environment
Ripple also received its full MPI license on October 4th, highlighting Singapore’s reputation as a cryptocurrency-friendly jurisdiction. Ripple CEO Brad Garlinghouse praised Singapore for being a leading fintech and crypto hub that achieves a balance between innovation, consumer protection, and responsible growth.
Hot Take: Upbit Expands its Reach in Singapore’s Thriving Crypto Market
Upbit’s in-principle approval for an MPI license from MAS is a significant development that allows the exchange to cater to institutional investors in Singapore’s thriving crypto market. With this regulatory green light, Upbit joins an exclusive group of crypto firms authorized to provide digital payment token services. The approval aligns with the broader trend of obtaining licenses from MAS in the crypto industry. Upbit Singapore’s CEO, Alex Kim, sees this milestone as a strategic move to solidify the exchange’s local presence. As Singapore continues to foster a cryptocurrency-friendly environment, it further establishes itself as a leading fintech and crypto hub.
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