South Korean exchange Appbit received the first license from Singapore
A Singaporean entity has been granted a master license for Upbit, a South Korean volume exchange, by a Major Payment Institution (MPI) in Singapore.
On October 16, Upbit Singapore allowed the continuation of digital payment token services for institutional investors while awaiting full approval from the Monetary Authority of Singapore (MAS).
Apbit Singapore founder and CEO Alex Kim said in a statement that the company Although it was founded in 2018, it calls its latest approval a strategic milestone to further expand its local presence.
The company's head of compliance, Azman Hamid, said the approval shows its commitment to building its business in Singapore. He added, “We will further contribute to making Singapore the next major hub for financial businesses.”
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A possible full license for Upbit, the exchange will be able to join a total of 15 crypto organizations with MPI digital payment token MAS service license.
In October alone, Singapore entities for Coinbase, Ripple and Sygnum Bank all received license approvals from MAS – pushing the number of MAS-licensed digital payment token service organizations to 15.
On October 2nd, Coinbase received full approval for its MPI license, with crypto trading firm GSR filing a master certification for MPI on the same day. Swiss crypto bank subsidiary Sygnum Singapore filed its full MPI license a day later, and Ripple received full MPI on October 4.
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