Upbit Get Approval for Major Payment Institution Licence in Singapore

South Korea’s Exchange, Upbit Got Approval for MPI in Singapore

South Korea's leading exchange, Upbit has obtained in-principle approval for a Major Payment Institution (MPI) licence in Singapore. The Monetary Authority of Singapore (MAS) has given its approval, permitting Upbit Singapore to offer digital payment token services to institutional investors while it awaits the issuance of the full licence. Alex Kim, founder and CEO of Upbit Singapore, sees this as a strategic milestone to strengthen their local presence. Upbit will become one of 15 crypto firms with full MPI digital payment token service licences from MAS, if full approval is granted. Several major crypto entities seen recently in Singapore such as Coinbase, Ripple, and Sygnum Bank, secured licences from MAS in October.