Upbit Singapore, a branch of South Korea’s largest cryptocurrency exchange by volume, has received an approval in principle from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license. This allows Upbit to offer digital payment tokens in compliance with Singapore’s Payment Services Act 2019 (PSA).
This is a major milestone for Upbit Singapore, as it paves the way for the company to offer digital payment tokens in compliance with Singapore’s Payment Services Act 2019. The initial approval allows the exchange to continue offering its services while awaiting full license authorization.
With the regulatory green signal, Upbit Singapore is preparing to expand and gradually emerge from “stealth mode”. The company is now among an exclusive group of 15 crypto firms with full MPI digital payment token service licenses from MAS, including Coinbase and Blockchain.com.
The city-state of Singapore is becoming increasingly well-known as a hub for the cryptocurrency industry. The government has been instrumental in establishing a favorable environment for the industry that encourages the use of cryptocurrencies.
Ripple CEO Brad Garlinghouse praised Singapore for striking a balance between innovation, protection of consumers, and responsible development. The company was also granted a license from MAS to operate in the nation. These developments further strengthen Singapore’s reputation as a cryptocurrency-friendly jurisdiction.
