South Korea's leading cryptocurrency exchange Upbit by volume has secured in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The initial approval will enable Upbit Singapore to continue to provide digital payment token services to institutional investors while awaiting full license authorization. Upon full approval, Upbit will join an exclusive group of 15 crypto firms boasting MPI digital payment token service licenses from MAS. Upbit Singapore founder and CEO Alex Kim called the in-principle license approval a strategic milestone, emphasizing exchange’s commitment to solidify its local footprint.
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