- Upbit Singapore received approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore(MAS).
- It will allow the exchange to continue facilitating digital payment token services in Singapore.
The South Korean cryptocurrency exchange Upbit has received the initial approval for an MPT license from MAS. It will permit the firm to continue offering regulated digital payment token services under the Payments Services Act (PSA).
Upbit Singapore’s approval from the country’s central bank and financial regulator for a local crypto license allows it to continue with digital payment token services. It gets the in-principle license nod while awaiting its full license.
As per Henley & Partners, the London-based investment migration consultancy, Singapore has emerged as the world’s leading crypto hub followed by Switzerland and the United Arab Emirates. It is due to the country’s government working closely with banks, the public, and businesses.
Officers of Upbit Stated their Views Regarding IPA from MAS
Raks Sondhi, chief operating officer of Upbit Singapore said that they have been operating in Singapore since 2018 and were building out the team. He also added that it had made additional hires since April. Their main business has been in the digital asset exchange business, they will continue to build that out but will also aim at the institutional segment and infrastructure projects. They also believe in other market segments within which they can work well within.
Azman Hamid, Chief Compliance Officer of Upbit Singapore said, they are exceptionally proud to receive the IPA from MAS. The approval shows their extraordinary commitment to building a digital asset business in Singapore. They will build Singapore as the leading hub for the next generation of financial business through engaging collaboration with regulators, communities, and businesses.
There are 15 crypto firms with full MPI digital payment token service licenses from MAS. The full approval will make Upbit join these firms on the list. In October, the Singaporean entities for Ripple and Sygnum Bank received license approval from MAS.
Swiss crypto bank subsidiary Sygnum Singapore scored its full MPI license on October 3 and Ripple received its full MPI on October 4.
Summary
Singapore’s largest exchange by volume, Upbit has received the initial approval for a Major Payment Institution (MPI) license in Singapore. The Monetary Authority of Singapore (MAS) gave the first consent, allowing it to continue the digital payment token services to institutional investors. However, the exchange is still awaiting the full license.