Upbit Soars High South Korean Exchange Receives Initial License Nod from Singapore

Singapore grants initial license to South Korean exchange Upbit

Hold on to your digital wallets, folks, because Upbit Singapore, the mighty titan of South Korea’s crypto exchanges, has just been granted a Major Payment Institution (MPI) license in Singapore! Talk about leveling up!

Picture this: in a grand announcement on October 16th, Upbit Singapore unveiled that the Monetary Authority of Singapore (MAS) has given them the nod of approval for their in-principal license. It’s like getting a golden ticket to Willy Wonka’s chocolate factory! This means that while they await their full license, they can continue serving institutional investors with their digital payment token services.

But wait, it gets even better! Upbit Singapore’s founder and CEO, Alex Kim, expressed his joy by calling this a “strategic milestone,” as it allows them to deepen their presence in the local market. It’s like they just found the lost city of Atlantis, but instead of ancient artifacts, they discovered a treasure trove of opportunities in Singapore!

If you think that’s impressive, hold your horses! Azman Hamid, the firm’s compliance chief, boldly declared that this approval is a testament to their commitment to building business in Singapore. With a twinkle in his eye, he proclaimed, “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses!” Can you smell the sweet aroma of success?

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Now, brace yourselves, ladies and gentlemen, because if Upbit clinches the full approval, they will become part of an elite group of 15 crypto firms with full MPI digital payment token serve licenses from MAS. It’s like joining a secret society of financial wizards, with their wands replaced by computer codes and their magic spells manifested in the form of blockchain transactions!

Oh, but Upbit isn’t the only superstar in this crypto realm. Just listen to this thrilling plot twist: in the month of October alone, Coinbase, Ripple, and Sygnum Bank’s Singaporean entities all received license approvals from MAS, adding to the growing number of MAS-licensed digital payment token service firms. It’s like a hot race to the moon, led by these trailblazers of the digital frontier!

In fact, on October 2nd, Coinbase scored a full approval for its MPI license, while trading firm GSR got an in-principal approval for its MPI on the same magical day. Then, Sygnum Singapore, with all its Swiss crypto bank charm, achieved its full MPI license just a day later. And let’s not forget about Ripple, the rockstar of the crypto world, who received its full MPI on October 4th. It’s like witnessing a symphony of financial success!

So, dear readers, buckle up and make sure your virtual seats are securely fastened. The future of digital asset investing is pulsating with excitement and innovation in the magnificent city-state of Singapore. Will you join the revolution and be a part of this exhilarating journey? The choice is yours, and the possibilities are limitless!

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