Upbit Singapore Grants In-Principle License Approval, Crypto Exchange Soars to the Moon!

Upbit Crypto Exchange Granted In-Principle License Approval by Singapore

Source: Upbit

South Korea’s leading cryptocurrency exchange, Upbit, has just hit the jackpot! They have secured an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Now, this may sound like a mouthful, but trust me, it’s a big deal in the world of digital assets! It’s like winning the lottery and finding a hidden treasure chest all at once!

With this initial approval in their hands, Upbit Singapore can continue providing digital payment token services to institutional investors, while they eagerly await the full license authorization. It’s like being able to nibble on the cake while you wait for the icing to be spread!

But wait, there’s more! Once Upbit gets the full approval, they will be part of an exclusive group of 15 crypto firms that have the coveted MPI digital payment token service licenses from MAS. It’s like getting a VIP pass to an exclusive club where only the crème de la crème get to party!

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This green light from the regulatory authorities is not just a stroke of luck for Upbit, but it’s part of a wider trend in the crypto industry. Just last October, several cryptocurrency-focused entities got their licenses from MAS. It’s like everyone is flocking to Singapore, the city of dreams for digital asset enthusiasts!

Alex Kim, the founder and CEO of Upbit Singapore, couldn’t contain his excitement as he called this in-principle license approval a strategic milestone for the exchange. He emphasized Upbit’s commitment to solidify its local footprint. It’s like Upbit is planting its flag and saying, “We’re here to stay, Singapore!”

But Upbit is not the only player in the game. Coinbase, one of the biggest names in the industry, already got a full MPI license. Talk about stealing the limelight! GSR, a renowned crypto trading firm, also received in-principle approval for its MPI license. And the fun didn’t stop there! Swiss crypto bank subsidiary Sygnum Singapore got its full MPI license just a day later. It’s like a race among the big dogs, and they are all rushing to grab their share of the crypto pie!

Upbit, being part of the Upbit APAC family, already has regulated digital asset exchanges in Indonesia and Thailand. And let’s not forget their partnership with VerifyVASP, a leading Travel Rule solution provider. It’s like building a comprehensive empire, one country at a time! Alex Kim, the CEO, couldn’t help but express his thoughts on this special occasion. He said, “Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure-focused businesses.” It’s like Singapore is the secret ingredient that makes everything taste better!

And the cherry on top? Ripple, the famous cryptocurrency company, also received their full MPI license on October 4th! This only strengthens Singapore’s status as a cryptocurrency-friendly jurisdiction. Ripple CEO Brad Garlinghouse couldn’t help but sing praises for Singapore, calling it one of the leading fintech and crypto hubs. He commended MAS for striking the perfect balance between innovation, consumer protection, and responsible growth. It’s like Singapore is the superhero of the crypto world, saving the day and leading the way!

So, fellow digital asset investors, buckle up and get ready to ride the wave that’s happening in Singapore! The future is bright, and it’s filled with opportunities for all of us. Let’s join hands and dive headfirst into this exciting journey together!

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