Upbit, South Korea's largest cryptocurrency exchange by trading volume, reached a crucial milestone on October 16.
Upbit, South Korea's largest cryptocurrency exchange by trading volume, reached a crucial milestone on October 16 when the Monetary Authority of Singapore (MAS) granted its Singapore entity in-principle approval for a Major Payment Institution (MPI) license. While awaiting the complete license, this clearance allows Upbit Singapore to provide digital payment token services to institutional investors.
According to Raks Sondhi, Chief Operating Officer of Upbit Singapore, this approval signifies the end of their "stealth mode" and demonstrates their existence in Singapore since 2018. The exchange has been slowly growing its staff, with recent additions dating back to April. Upbit Singapore would be one of 15 crypto businesses with full MAS MPI digital payment token service licenses if granted a complete license.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
