With the license, Upbit will now be able to provide digital payment token services to institutional investors. However, it is still awaiting a full MPI license from MAS.
Upbit, South Korea’s largest exchange by volume, has secured in-principle approval for a Major Payment Institution (MPI) license in Singapore through its Singapore unit.
On October 16, Upbit Singapore announced that the Monetary Authority of Singapore (MAS) has granted an in-principle license. This will enable them to provide digital payment token services to institutional investors pending full licensing.
Alex Kim, CEO and Founder of Upbit Singapore, talks about the recent developments. He stressed that the recent approval represents a strategic milestone in strengthening its local presence. kim Said,
“Since 2018, we have been building a solid foundation for a strong digital assets business in Singapore, Asia’s leading financial hub. This approval from MAS is a strategic milestone for us in deepening our presence in Singapore, which is at the forefront of digital asset innovation. Singapore, as our global powerhouse, unlocks new capabilities for businesses focused on retail, institutional and infrastructure.
Singapore opens the door to Upbit and others
Upon receiving the MPI license from MAS, Upbit Singapore will become part of the regulated digital asset exchange network within Upbit APAC. Upbit APAC, a leading global digital asset group, includes regulated digital asset exchanges in Indonesia and Thailand, as well as VerifyVASP, a top travel rules solutions provider.
Upbit APAC is set to accelerate its growth across global, institutional and infrastructure-oriented sectors while providing support to dedicated developers. Azman Hamid, Chief Compliance Officer at Upbit Singapore, said:
“We are incredibly proud to have received an IPA from the globally renowned financial regulator MAS. This approval reflects our unwavering commitment to building trusted digital asset businesses in Singapore. Through engaging collaboration with the regulator, businesses and communities, we will contribute to establishing Singapore as a leading hub for next generation financial businesses.
In the month of October, MAS granted license approval to Singapore branches coinbase, Ripple, and Sygnum Bank. This increased the number of MAS-licensed digital payment token service providers to 15. On October 2, Coinbase received full approval for its MPI license, while GSR, a crypto trading firm, received in-principle approval for its MPI on the same day. , The following day, Sygnum Singapore, a subsidiary of Swiss crypto bank, also secured its full MPI license, and Ripple received full MPI approval on October 4.
Bhushan is a fintech enthusiast and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in a constant process of learning and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads adventure fantasy novels and occasionally explores his culinary skills.
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