South Korean exchange Upbit gets initial license nod from Singapore

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The Singapore entity for Upbit, South Korea’s largest alternate by quantity, has been given in-principal approval for a Main Fee Establishment (MPI) license in Singapore.

On Oct. 16, Upbit Singapore said the Financial Authority of Singapore (MAS) gave the in-principle license nod, permitting it to proceed with digital cost token providers to institutional traders whereas awaiting its full license.

Upbit Singapore founder and CEO Alex Kim mentioned in a press release that the agency was based in 2018 however referred to as the current approval a strategic milestone for it to deepen its native presence.

The Upbit Singapore workforce, pictured within the metropolis’s downtown space. Supply: Upbit Singapore

Azman Hamid, the agency’s compliance chief, mentioned the approval displays its dedication to constructing its companies in Singapore. “We’ll contribute to additional set up Singapore because the main hub for the following era of economic companies,” he added.

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A possible full approval for Upbit would see the alternate be part of a complete of 15 crypto companies with full MPI digital cost token serve licenses from MAS.

In October alone, the Singaporean entities for Coinbase, Ripple and Sygnum Financial institution all acquired license approvals from MAS — pushing the number of MAS-licensed digital cost token service companies to fifteen.

On Oct. 2,  Coinbase acquired full approval for its MPI license, with crypto buying and selling agency GSR scoring in-principal approval for its MPI the identical day. Swiss crypto financial institution subsidiary Sygnum Singapore scored its full MPI license a day later and Ripple received its full MPI on Oct. 4.

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