South Korean cryptocurrency exchange Upbit announced today that it has received in-principle approval from the Monetary Authority of Singapore (MAS) through its local entity.
Upbit Receives In Principle Approval for Major Payments Institution License in Singapore
This is Upbit Singapore Pte. It marks an important step towards obtaining a Major Payments Institution (MPI) licence.
The initial approval allows Upbit to continue offering relevant services while awaiting the full license.
“Since 2018, we have been building solid foundations for a solid digital asset business in Singapore, Asia's leading financial hub,” said Alex Kim, founder and CEO of Upbit Singapore.
Kim also emphasized the strategic importance of this approval from MAS, given Singapore's important position in digital asset innovation.
“Singapore, our global powerhouse, is unlocking new capabilities for individual, enterprise and infrastructure-focused businesses,” he added.
Coinbase, another major player in the cryptocurrency space, recently received its full MPI license after nearly a year of in-principle approval.
In June, Circle also received an MPI license, allowing its subsidiary Circle Internet Singapore to offer cross-border and domestic money transfer services within Singapore, as well as digital payment token services.
*This is not investment advice.
