Upbit, South Korea’s largest cryptocurrency exchange, has received “approval in principle” from the Monetary Authority of Singapore (MAS) to provide cryptocurrency services.
Cryptocurrency exchange Upbit announced that it is very close to achieving the challenge in Singapore. In the statement made by the exchange, Singapore’s central bank MAS has requested the Major Payment Institution (MPI) license. pre-approval It was stated that it was taken. With this development, Upbit a local license for your country centre bank And from the financial regulator It received initial approval.
Thanks to this license, Upbit individual And institutional to investors digital payment token will be able to offer its services. The exchange will be able to continue providing relevant services until full approval from MAS.
Making a statement about the development, Upbit Singapore’s CEO Alex Kimemphasized that this in-principle approval is an important step for Singapore affairs:
Since 2018, we have been building solid foundations for a digital asset business in Singapore, Asia’s leading financial hub. 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. As our global powerhouse, Singapore is unlocking new talent for retail, enterprise and infrastructure-focused businesses.
Recently, Coinbase, the largest cryptocurrency exchange in the USA, was among the exchanges that managed to obtain the MPI license from Singapore, one of the countries with the most difficult regulatory conditions.