Upbit, South Korea's leading crypto exchange, has secured in-principal approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), enhancing its foothold in the burgeoning Singaporean financial market.

This approval allows Upbit Singapore to continue providing digital payment token services to institutional investors while awaiting its full license, Cointelegraph noted.

Strengthening Local Presence and Commitment

According to Upbit Singapore founder and CEO Alex Kim, this approval is an important strategic milestone for the company. Although Upbit Singapore was established in 2018, the recent license approval solidifies its commitment to deepening its local presence, Coin Desk pointed out.

Azman Hamid, Upbit Singapore's compliance chief, expressed the firm's dedication to building its business in Singapore. Hamid stated, "We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses." The approval reflects their dedication to strengthening the country's position in the financial industry.

Joining Elite Ranks in the Crypto Space

A potential full approval for Upbit would place them in the company of 15 other crypto firms holding full MPI digital payment token service licenses from MAS. Notably, this month alone has seen several Singaporean entities, such as Coinbase, Ripple, and Sygnum Bank, receiving license approvals from MAS. This further elevates Singapore's status as a preferred destination for digital payment token services.

Coinbase, one of the prominent players in the crypto market, received full approval for its MPI license from MAS on October 2. On the same day, crypto trading firm GSR secured in-principal approval for its MPI. Swiss crypto bank subsidiary Sygnum Singapore garnered its full MPI license a day later, with Ripple following suit on October 4.

Singapore as a Crypto Powerhouse

Singapore's MAS-licensed digital payment token service firms now amount to a total of 15. The inclusion of Upbit Singapore establishes the exchange as a key player in the local crypto ecosystem. Singapore's proactiveness in licensing reputable crypto firms highlights its commitment to fostering innovation and regulatory excellence.

Upbit Singapore emphasizes the importance of strength training in its business model to sustain its improved speed and performance over time. By incorporating innovative strategies and technologies, they aim to remain at the forefront of the ever-evolving crypto landscape.

Photo: Upbit Newsroom