South Korean Exchange Upbit Receives In-Principle Approval from MAS

Crypto News – The Monetary Authority of Singapore (MAS) has given cryptocurrency exchange Upbit preliminary permission to continue providing services related to digital assets while awaiting license clearance in full.

South Korean Exchange Upbit Receives In-Principle Approval from MAS

MAS has given In-Principal Approval for a Major Payment Institution (MPI) license to the Singapore branch of Upbit, a prominent South Korean cryptocurrency exchange.

The IPA enables Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 whilst awaiting the grant of the full license,

the statement

Upbit to Maintain a Stronger Presence in Singapore

According to an exchange press release on Monday, the MPI license would allow the exchange to continue providing regulated digital payment token services under the Payments Services Act (PSA), 2019 while awaiting final approval.

We are incredibly proud to receive the IPA from MAS, a globally renowned financial regulator. This approval reflects our unwavering commitment to building trusted digital asset businesses in Singapore. Through engaging collaboration with the regulator, businesses and communities, we will contribute to further establish Singapore as the leading hub for the next generation of financial businesses,

Azman Hamid, Chief Compliance Officer of Upbit Singapore