Upbit, South Korea’s largest cryptocurrency exchange, has received in-principle approval for a Major Payment Institution (MPI) license in Singapore. The Monetary Authority of Singapore (MAS) granted the approval, allowing Upbit Singapore to offer digital payment token services to institutional investors while awaiting its full license. This approval is seen as a strategic milestone for Upbit Singapore to strengthen its presence in the local market. The exchange’s compliance chief, Azman Hamid, stated that the approval reflects their commitment to building their business in Singapore and contributing to establishing the country as a leading hub for the next generation of financial businesses. If granted a full approval, Upbit will join 15 other crypto firms with full MPI digital payment token service licenses from MAS. In October, Coinbase, Ripple, and Sygnum Bank’s Singapore entities also received license approvals from MAS, bringing the total number of MAS-licensed digital payment token service firms to 15. This development highlights the growing acceptance and regulation of cryptocurrencies in Singapore’s financial landscape.

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Information	Details
Geography	Asia
Countries	🇸🇬
Sentiment	neutral
Relevance Score	1
People	Azman Hamid, Alex Kim
Companies	Coinbase, Upbit Singapore, Monetary Authority of Singapore (MAS), Ripple, Sygnum Bank
Currencies	None
Securities	None