Cryptocurrencies News – The Monetary Authority of Singapore (MAS) has granted an In-Principal Approval for a Major Payment Institution MPI license to Upbit’s Singapore branch (Upbit Singapore MPI License), a leading South Korean cryptocurrency exchange. This MPI license is a significant milestone as it allows Upbit to continue its regulated digital payment services in line with the Payment Services Act of 2019 while they await full approval.
The MPI license is a key regulatory requirement for cryptocurrencies, typically governed as digital payment tokens under the Payment Services Act in Singapore. According to Henley & Partners, a London-based consultancy firm, the country has emerged as the world’s leading crypto hub.
Upon receiving the MPI license, Azman Hamid, Chief Compliance Officer of Upbit Singapore, expressed his pride and commitment to building trusted digital asset businesses in Singapore. He emphasized their goal to establish Singapore as the leading hub for future financial companies through collaboration with regulators, businesses, and communities.