Upbit received its initial licensing approval from authorities in Singapore

16/10/2023

On October 16th, Upbit Singapore announced that it has received approval from the Monetary Authority of Singapore for a license, allowing it to continue offering digital payment token services to institutional investors while awaiting formal approval.

If Upbit receives full approval, it would become one of the 15 cryptocurrency companies holding full MPI digital payment token service licenses issued by MAS. In October alone, Singapore entities of Coinbase, Ripple, and Sygnum Bank have all received regulatory approval from the Monetary Authority of Singapore.

Resource: https://cointelegraph.com/news/upbit-in-principle-approval-crypto-license-singapore-mas