South Korea’s top cryptocurrency platform, Upbit, based on trading volume, has received preliminary approval for a Major Payment Institution (MPI) license from Singapore’s Monetary Authority (MAS).
This provisional approval allows Upbit Singapore to maintain its digital payment token services for institutional clients as they await complete licensing.
Upbit Will Join Group of 15 Crypto Firms
Once fully approved, Upbit will become part of an elite circle of 15 crypto companies holding MPI digital payment token service licenses issued by MAS.
This approval fits into a larger pattern in the cryptocurrency sector. In October, numerous crypto-centric organizations received their licenses from MAS.
Alex Kim, the founder and CEO of Upbit Singapore, described the preliminary license approval as a pivotal moment, highlighting the exchange’s dedication to strengthening its presence locally.
Coinbase, a key figure in the crypto world, has been awarded a complete MPI license.
On that very day, the cryptocurrency trading company GSR was granted preliminary approval for its MPI. Meanwhile, Sygnum Singapore, a subsidiary of the Swiss crypto bank, obtained its full MPI license the following day.
Upbit APAC has regulated digital asset exchanges in countries like Indonesia and Thailand and also encompasses VerifyVASP, a top provider of Travel Rule solutions. Reflecting on this, Alex Kim, the founder and CEO of Upbit Singapore, commented:
“Singapore stands as our global anchor, opening up avenues for retail, institutional, and infrastructure-centered enterprises.”
On October 4, Ripple joined the ranks by securing its full MPI license, highlighting Singapore’s rising prominence as a pro-cryptocurrency region.
Brad Garlinghouse, Ripple’s CEO, lauded Singapore, noting that under the stewardship of MAS, the nation has emerged as a foremost hub for fintech and cryptocurrency. He remarked on their ability to “find the right equilibrium between fostering innovation, safeguarding consumers, and promoting responsible expansion.”