In a significant development for the world of cryptocurrency, Upbit Singapore, an entity associated with South Korea’s largest cryptocurrency exchange, Upbit, has been granted in-principle approval for a Major Payment Institution (MPI) license in Singapore. This crucial step signals a potential expansion of Upbit’s services in Singapore.
A Strategic Milestone
Upbit Singapore‘s founder and CEO, Alex Kim, expressed the company’s excitement regarding the recent approval, terming it a strategic milestone. The company was established in 2018, and this approval is seen as a key step in deepening its local presence.
Azman Hamid, the firm’s compliance chief, also commented on this development, highlighting the firm’s commitment to building a strong presence in Singapore. He emphasized the company’s dedication to contributing to Singapore’s status as a leading hub for the next generation of financial businesses.
Joining a Select Group
If Upbit successfully secures the full license, it will join an exclusive group of 15 cryptocurrency companies that hold full MPI digital payment token service licenses from the Monetary Authority of Singapore (MAS). In recent times, other well-known cryptocurrency entities such as Coinbase, Ripple, and Sygnum Bank have also received approval for MPI licenses from MAS. This further establishes Singapore as a growing hub for cryptocurrency services.
Coinbase obtained full approval for its MPI license on October 2, while GSR, a crypto trading firm, received in-principle approval for its MPI license on the same day. Sygnum Bank’s subsidiary, Sygnum Singapore, secured its full MPI license a day later, and Ripple followed suit on October 4, earning its full MPI license.
Also Read: Singapore’s New Crypto Regulations Aiming At Custody, Lending, And Staking
Continuing Crypto Advancements in Singapore
These developments showcase the proactive approach Singapore is taking toward cryptocurrency regulations and services. With the country positioning itself as a hub for the cryptocurrency industry, Upbit’s progress in securing an MPI license further strengthens the region’s role in the cryptocurrency market.
Singapore’s regulatory authorities continue to foster an environment conducive to the growth of digital payment token services, making it a favorable destination for cryptocurrency companies aiming to expand their services.
The final approval of Upbit’s MPI license could potentially open new doors for the exchange, solidifying its presence in the thriving cryptocurrency market.
Disclaimer: Please note that the article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments are subject to risk, and individuals should conduct their research and exercise caution when investing.
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