South Korean exchange Upbit gets initial license nod from Singapore

Jesse Coghlan8 hours agoSouth Korean exchange Upbit gets initial license nod from SingaporeUpbit Singapore scored initial approval from the country’s central bank and financial regulator for a local crypto license.3476 Total views4 Total sharesListen to article 0:00NewsJoin us on social networksThe Singapore entity for Upbit, South Korea’s largest exchange by volume, has been given in-principal approval for a Major Payment Institution (MPI) license in Singapore.

On Oct. 16, Upbit Singapore said the Monetary Authority of Singapore (MAS) gave the in-principle license nod, allowing it to continue with digital payment token services to institutional investors while awaiting its full license.

Upbit Singapore’s chief operating officer Raks Sondhi told Cointelegraph that with the approval, the firm “will gradually come out of stealth mode.“

“We have been here and operating in Singapore since 2018. We have been building out the team,” Sondhi said, adding it had made additional hires since April.The Upbit Singapore team, pictured in the city’s downtown area. Source: Upbit Singapore

“Our primary business has been on the digital asset exchange business; we will continue to build that out but also focus on the institutional segment and infrastructure projects,” said Sondhi. “There are also some other market segments we believe we can work well within.“

Azman Hamid, the firm’s compliance chief, said the approval reflects its commitment to building its businesses in Singapore. “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses,” he added.

Related:Su Zhu’s $36M Singapore mansion transformed into eco-farm post-3AC collapse

A potential full approval for Upbit would see the exchange join 15 crypto firms with full MPI digital payment token serve licenses from MAS.

In October alone, the Singaporean entities for Coinbase, Ripple and Sygnum Bank all received license approvals from MAS — pushing the number of MAS-licensed digital payment token service firms to 15.

On Oct. 2,  Coinbase received full approval for its MPI license, with crypto trading firm GSR scoring in-principal approval on the same day. Swiss crypto bank subsidiary Sygnum Singapore scored its full MPI license a day later, and Ripple received its full MPI on Oct. 4.

Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine:SBF’s alleged Chinese bribe, Binance clarifies account freeze: Asia Express

Update (Oct. 16, 3:40 am UTC): This article has been updated to add comments from Upbit Singapore’s operating chief Raks Sondhi.# Singapore# Business# Central Bank# Upbit# Exchanges# RegulationAdd reactionAdd reactionRead moreWhat is an atomic swap, and how does it work?Meet the guerilla artist who staged a crypto ‘rug pull’ in front of the SECThe economy is surging — which means it might be time to start buying Bitcoin