South Korean exchange Upbit gets initial license nod from Singapore

The Singapore entity for Upbit, South Koreas largest exchange by volume, has actually been offered in-principal approval for a Major Payment Institution (MPI) license in Singapore.On Oct. 16, Upbit Singapore said the Monetary Authority of Singapore (MAS) gave the in-principle license nod, enabling it to continue with digital payment token services to institutional financiers while awaiting its complete license.Upbit Singapore creator and CEO Alex Kim stated in a statement that the firm was established in 2018 however called the current approval a strategic turning point for it to deepen its regional presence.The Upbit Singapore team, visualized in the citys downtown area. Source: Upbit SingaporeAzman Hamid, the firms compliance chief, stated the approval reflects its commitment to building its companies in Singapore. “We will contribute to further establish Singapore as the leading center for the next generation of financial companies,” he added.Related: Su Zhus $36M Singapore mansion transformed into eco-farm post-3AC collapseA potential full approval for Upbit would see the exchange sign up with an overall of 15 crypto companies with complete MPI digital payment token serve licenses from MAS.In October alone, the Singaporean entities for Coinbase, Ripple and Sygnum Bank all received license approvals from MAS– pushing the number of MAS-licensed digital payment token service companies to 15.