South Korea's major cryptocurrency exchange Upbit has received preliminary approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This initial approval allows Upbit Singapore to continue offering digital payment token services to institutional investors while waiting for full authorization. Once fully approved, Upbit will join a select group of 15 crypto firms with MPI licenses from MAS. This approval reflects a growing trend in the crypto industry, as other entities have also received licenses from MAS. Upbit Singapore's founder and CEO views this approval as a significant milestone and emphasizes the exchange's commitment to strengthening its local presence. Notable players in the industry, such as Coinbase and GSR, have also received MPI licenses in Singapore. Ripple also recently obtained its full MPI license, highlighting Singapore's reputation as a cryptocurrency-friendly jurisdiction. Ripple's CEO praised Singapore for its leadership in fintech and crypto, noting its ability to balance innovation, consumer protection, and responsible growth.
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