South Korea’s leading cryptocurrency exchange Upbit by volume has secured in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The initial approval will enable Upbit Singapore to continue to provide digital payment token services to institutional investors while awaiting full license authorization.
Upbit Will Join Group of 15 Crypto Firms
Upon full approval, Upbit will join an exclusive group of 15 crypto firms boasting MPI digital payment token service licenses from MAS.
This regulatory green light aligns with a broader trend in the crypto industry. In October, several cryptocurrency-focused entities secured their licenses from MAS.
Upbit Singapore founder and CEO Alex Kim called the in-principle license approval a strategic milestone, emphasizing exchange’s commitment to solidify its local footprint.
Coinbase, a prominent player in the industry, was granted a full MPI license.
The same day, crypto trading firm GSR received in-principle approval for its MPI, while Swiss crypto bank subsidiary Sygnum Singapore secured its full MPI license just a day later.
Upbit APAC currently includes regulated digital asset exchanges in Indonesia and Thailand, and VerifyVASP, a leading Travel Rule solution provider. Alex Kim, founder and CEO of Upbit Singapore said on the occasion:
“Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure focused businesses.”
Ripple also celebrated the receipt of its full MPI license on October 4, further underlining Singapore’s growing status as a cryptocurrency-friendly jurisdiction.
Ripple CEO Brad Garlinghouse praised Singapore saying that the country has become one of the leading fintech and crypto hubs under MAS’ leadership, “striking the balance between innovation, consumer protection and responsible growth.”
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