Key takeaways:
- The application for a Major Payment Institution (MPI) license in Singapore has been granted in principle to the Singaporean subsidiary of Upbit.
- If Upbit receives complete approval, it will become one of the fifteen cryptocurrency firms granted full MPI digital payment token service licenses by MAS.
The application for a Major Payment Institution (MPI) license in Singapore has been granted in principle to the Singaporean subsidiary of Upbit, which is the largest exchange by volume in South Korea.
Upbit Singapore said on October 16 that the Monetary Authority of Singapore (MAS) had approved the in-principle license, enabling it to provide institutional investors with digital payment token services while awaiting the issuance of its full license.
Although the company was established in 2018, Upbit Singapore’s founder and CEO, Alex Kim, described the recent clearance as a strategic milestone to strengthen its local footprint. Kim stated:
“This approval from MAS is a strategic milestone for us to deepen our presence in Singapore, which is at the forefront of digital asset innovation.”
According to Azman Hamid, the company’s head of compliance, the approval shows the company’s dedication to expanding its operations in Singapore. He continued, saying that they will help solidify Singapore’s position as the premier base for the upcoming generation of financial companies. Hamid stated:
“We are incredibly proud to receive the IPA from MAS, a globally renowned financial regulator. This approval reflects our unwavering commitment to building trusted digital asset businesses in Singapore. Through engaging collaboration with the regulator, businesses and communities, we will contribute to further establish Singapore as the leading hub for the next generation of financial businesses”
If Upbit receives complete approval, it will become one of the fifteen cryptocurrency firms to which MAS has granted full MPI digital payment token service licenses.
The Singaporean affiliates of Coinbase, Ripple, and Sygnum Bank all obtained license approvals from MAS in October alone, bringing the total number of MAS-licensed digital payment token service providers to fifteen.
The MPI license for Coinbase was fully approved on October 2, and the MPI for cryptocurrency trading company GSR was approved in principle on the same day. A day later, Sygnum Singapore, a Swiss crypto bank subsidiary, obtained a full MPI license, and on October 4, Ripple obtained a full MPI license.
