UPbit, the largest Korean exchange, has received preliminary approval from the Monetary Authority of Singapore (MAS). This marks a significant milestone for the exchange, allowing it to offer digital payment token services in Singapore.
In a notable development for the crypto industry, UPbit, South Korea’s largest exchange, has received preliminary approval from the Monetary Authority of Singapore (MAS). This comes in the wake of the Singaporean government granting Major Payment Institute (MPI) licenses to Ripple, Coinbase, Sygnum, and GSR earlier this month.
While there are still details to be worked out, the in-principle agreement (IPA) allows UPbit Singapore to offer digital payment token services within the city-state. The full license is expected to be granted in the near future, pending any unforeseen issues.
Alex Kim, the CEO of UPbit, expressed the significance of obtaining the MPI license, highlighting Singapore’s importance in global financial markets. He stated, “Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure-focused businesses.”
UPbit is the largest crypto exchange in South Korea in terms of trading volume, significantly outpacing its closest competitor, Bithumb. Both UPbit and Bithumb were subject to investigations by South Korean police earlier this year, primarily related to a local politician’s crypto holdings transfer, rather than issues with the exchanges themselves.