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<![CDATA[<figure class="image"><img src="https://cimg.co/news/126410/333806/upbit-singapore.jpg" srcset="https://cimg.co/news/126410/333806/responsive-images/upbit-singapore___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/126410/333806/responsive-images/upbit-singapore___media_library_original_900_600.jpg 900w, https://cimg.co/news/126410/333806/responsive-images/upbit-singapore___media_library_original_720_480.jpg 720w, https://cimg.co/news/126410/333806/responsive-images/upbit-singapore___media_library_original_600_400.jpg 600w, https://cimg.co/news/126410/333806/responsive-images/upbit-singapore___media_library_original_300_200.jpg 300w" width="1200" class="content-img" alt=""><figcaption>Source: Upbit</figcaption></figure>South Korea's leading cryptocurrency exchange Upbit by volume has secured <a href="https://www.prnewswire.com/apac/news-releases/upbit-singapore-secures-in-principle-approval-from-the-mas-301954702.html">in-principle approval for a Major Payment Institution</a> (MPI) license from the Monetary Authority of Singapore (MAS).&nbsp;The initial approval will enable Upbit Singapore to continue to provide digital payment token services to institutional investors while awaiting full license authorization.<h2 id="upbit-will-join-group-of-15-crypto-firms">Upbit Will Join Group of 15 Crypto Firms</h2>Upon full approval, Upbit will join an exclusive group of 15 crypto firms boasting MPI digital payment token service licenses from MAS.&nbsp;This regulatory green light aligns with a broader trend in the crypto industry. In October, several cryptocurrency-focused entities secured their licenses from MAS.Upbit Singapore founder and CEO Alex Kim called the in-principle license approval a strategic milestone, emphasizing exchange&rsquo;s commitment to solidify its local footprint.&nbsp;<a href="https://cryptonews.com/news/coinbase-attains-full-license-expand-crypto-payment-services-singapore.htm">Coinbase</a>, a prominent player in the industry, was granted a full MPI license.&nbsp;The same day, crypto trading firm <a href="https://cryptonews.com/exclusives/crypto-trading-platform-gsr-receives-in-principal-mpi-license-in-singapore.htm">GSR received in-principle approval for its MPI</a>, while Swiss crypto bank subsidiary Sygnum Singapore secured its full MPI license just a day later.&nbsp;Upbit APAC currently includes regulated digital asset exchanges in Indonesia and Thailand, and VerifyVASP, a leading Travel Rule solution provider. Alex Kim, founder and CEO of Upbit Singapore said on the occasion:<blockquote>&ldquo;Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure focused businesses."</blockquote>Ripple also celebrated the receipt of its full MPI license on October 4, further underlining Singapore's growing status as a cryptocurrency-friendly jurisdiction.Ripple CEO <a href="https://cryptonews.com/news/crypto-platform-ripple-joins-growing-list-of-mpi-license-holders-singapore.htm">Brad Garlinghouse praised Singapore</a> saying that the country has become one of the leading fintech and crypto hubs under MAS&rsquo; leadership, &ldquo;striking the balance between innovation, consumer protection and responsible growth.&rdquo;
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Crypto Exchange Upbit Receives In-Principle License Approval from Singapore

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Cryptonews.com

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