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South Korea’s largest cryptocurrency exchange, Upbit, has announced that its Singapore branch, Upbit Singapore, has received preliminary approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license to offer a wider range of Digital Payment Token services.
Upbit Singapore’s MPI License Gets Green Light
Upbit, a South Korea-based cryptocurrency exchange owned by Dunamu, announced today that its Singapore branch, Upbit Singapore, has received preliminary approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. The announcement stated that Upbit Singapore has been put on the waiting list for the final MPI license approval, but it has been allowed to provide the relevant services in the meantime.
Alex Kim, the founder and CEO of Upbit Singapore, said the following about this matter:
Since 2018, we have been building a strong foundation for a robust cryptocurrency business in Singapore, which is Asia’s leading financial center. This approval from MAS is a strategic milestone for deepening our presence in Singapore, which is at the forefront of cryptocurrency innovation. Singapore, our global powerhouse, unlocks new capabilities for individuals, institutions, and infrastructure-focused businesses.
Number of Companies Approved for MPI License in Singapore Reaches 15
Earlier this month, Coinbase announced that it had received final approval for the MPI license after approximately a year of waiting. In June, Circle, a stablecoin issuer, also received the MPI license, allowing its Singapore branch, Circle Internet Singapore, to provide cryptocurrency services and cross-border and domestic money transfer services in the city-state.
Furthermore, Ripple, GSR, and Sygnum Bank were also among the companies that received preliminary approval for the MPI license in Singapore earlier this month. With Upbit included, the number of companies that have received preliminary and final license approval in Singapore has reached 15.
