Upbit’s Singaporean branch, which holds the top position in South Korea for trading volume, has obtained Initial License approval from the central bank and financial regulator in Singapore. They are now authorized to function as a Major Payment Institution (MPI) for cryptocurrency-related activities.
On October 16th, Upbit Singapore proudly revealed that they had received preliminary authorization from the Monetary Authority of Singapore (MAS). This allows them to continue providing digital payment token services to institutional investors. They are in anticipation of the issuance of their full license.
Azman Hamid, the firm’s compliance chief, conveyed the significance of this approval, underscoring their dedication to expanding their operations in Singapore. He asserted;
We are committed to playing a pivotal role in the evolution of Singapore as the preeminent center for emerging financial enterprises.
Upbit’s Initial License Approval in Singapore: Awaiting Full Accreditation
Should Upbit ultimately receive full approval, it will join the ranks of only 15 cryptocurrency companies that hold full MPI licenses for digital payment token services, as granted by MAS.
In the month of October alone, Singaporean entities representing Coinbase, Ripple, and Sygnum Bank all secured licensing approvals from MAS. This recent development elevates the tally of digital payment token service companies with MAS accreditation to 15.
On October 2nd, Coinbase obtained full approval for its MPI license. On the same day, crypto trading firm GSR received preliminary authorization for its MPI. Subsidiary Sygnum Singapore, a Swiss crypto bank, obtained its full MPI license a day later. Ripple achieved the same milestone on October 4th.