Upbit Singapore: A Pathway to MPI License Approval
Upbit, South Korea’s largest exchange by volume, has marked a significant milestone in its expansion strategy. The Monetary Authority of Singapore (MAS) has granted in-principle approval for a Major Payment Institution (MPI) license to Upbit’s Singapore entity. This approval allows Upbit to proceed with offering digital payment token services to institutional investors, while the full license is pending.
Progress and Transparency
Upbit Singapore’s Chief Operating Officer, Raks Sondhi, expressed his enthusiasm about the approval. He stated that the firm would gradually step out of the shadows and embrace a more transparent presence. “We have been actively operating in Singapore since 2018, diligently building our team,”. Sondhi noted, highlighting the ongoing efforts to strengthen their workforce, especially since April. He further outlined their primary focus on the digital asset exchange business, along with their commitment to developing the institutional segment and infrastructure projects. Sondhi emphasized the additional market segments they plan to explore.
Upbit: Commitment to Singapore
“We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses.”
Azman Hamid, the compliance chief of Upbit Singapore
He also emphasized that this approval reflects their dedication to expanding their businesses within the Singaporean market. He stated, This commitment is aligned with the broader vision of Singapore becoming a prominent player in the evolving cryptocurrency landscape.
Joining the Elite Group
With a potential full approval for Upbit, the exchange is poised to become one of the select few crypto firms holding full MPI digital payment token service licenses from MAS. This puts Upbit in the company of only 15 such entities in Singapore. Including the likes of Coinbase, Ripple, and Sygnum Bank, which have recently secured license approvals from MAS.
In a noteworthy development in October, Coinbase, GSR (a crypto trading firm), and Sygnum Singapore (a Swiss crypto bank subsidiary). All received significant approvals from MAS. Coinbase, in particular, gained full approval for its MPI license, while GSR obtained in-principle approval on the same day. Sygnum Singapore secured its full MPI license a day later. Then Ripple joined this exclusive club with its full MPI license approval on October 4th.
This sequence of events highlights the growing recognition and acceptance of digital payment token services in Singapore. Upbit’s journey towards securing the MPI license is another testament to the cryptocurrency market’s continuous expansion and development in the region.
In conclusion, Upbit’s progress towards an MPI license in Singapore showcases the growing presence of crypto exchanges in the country and the government’s willingness to regulate. But support this emerging industry. As Singapore aims to be a hub for innovative financial businesses. Upbit’s commitment to this vision is a significant step forward.
Featured Image By: Inside Bitcoins
