Major Payment Institution License Granted
In a significant move for the crypto landscape, Upbit Singapore, the entity of South Korea’s largest exchange by volume, has been granted in-principle approval for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS) on October 16. This approval paves the way for Upbit to expand its digital payment token services specifically targeting institutional investors while awaiting its full licensing.
Stealth Mode, No More!
Raks Sondhi, the chief operating officer of Upbit Singapore, expressed optimism regarding this development. He announced that the firm would gradually unveil its operations after years of operating under the radar since 2018. “We have been here and operating in Singapore since 2018. We have been building out the team,” Sondhi stated. He also mentioned that there have been additional hires since April, perhaps to ensure the company has a solid squad for the exciting times ahead.
Focus on Institutional and Infrastructure
While Upbit will continue to enhance its digital asset exchange platform, Sondhi emphasized a dual focus: expanding into the institutional segment and investing in infrastructure projects. “There are also some other market segments we believe we can work well within,” he added. It seems Upbit is ready to mingle with the big players in the crypto arena!
Contributing to Singapore’s Financial Hub
Azman Hamid, Upbit’s compliance chief, remarked that the approval reflects the firm’s commitment to building its business in Singapore. “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses,” he commented, setting some serious expectations for what’s to come.
The Growing List of Licensed Firms
Should Upbit receive full approval, it would join the ranks of 15 other companies with full MPI digital payment token service licenses from MAS. In a busy October for crypto regulatory milestones, other firms like Coinbase, Ripple, and Sygnum Bank also received their licenses, increasing the number of MAS-approved digital payment token service firms to 15. The licensing train seems to be rolling, and who wouldn’t want a ticket to that ride?
