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Korea-South exchange Singapore grants initial license approval to Upbit

“Upbit Singapore secured initial approval from the nation’s central bank and financial regulatory authority for a local cryptocurrency license. The Singapore branch of Upbit, South Korea’s leading exchange in terms of trading volume, has received provisional approval for a Major Payment Institution (MPI) license in Singapore. On the 16th of October, Upbit Singapore announced that the Monetary Authority of Singapore (MAS) granted them the provisional license, enabling them to offer digital payment token services to institutional investors as they await the issuance of their full license. Raks Sondhi, the Chief Operating Officer of Upbit Singapore, shared with Cointelegraph that the company will gradually emerge from its discreet phase, stating, ‘We’ve been actively present in Singapore since 2018 and have been actively expanding our team.’ Sondhi also mentioned that they’ve made additional hires since April. ‘Our primary focus has been on the digital asset exchange sector, and we will continue to fortify our presence in that arena while also directing our attention towards the institutional segment and infrastructure projects,’ Sondhi added. ‘There are also other market segments that we believe we can excel in.’ Azman Hamid, the firm’s Compliance Chief, remarked that this approval underscores their dedication to strengthening their presence in Singapore and said, ‘We are committed to contributing to the establishment of Singapore as the preeminent hub for the next generation of financial enterprises.’ If Upbit secures full approval, it will become one of 15 crypto companies holding full MPI digital payment token service licenses issued by MAS. In October alone, the Singaporean branches of Coinbase, Ripple, and Sygnum Bank all received license approvals from MAS, raising the total number of MAS-licensed digital payment token service companies to 15. On the 2nd of October, Coinbase was granted full approval for its MPI license, while crypto trading firm GSR received provisional approval on the same day. Subsequently, Sygnum Singapore, a subsidiary of a Swiss crypto bank, obtained its full MPI license one day later, and Ripple received full MPI approval on the 4th of October.”

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“Initiating a riveting narrative, Upbit Singapore triumphantly clinched preliminary endorsement from the eminent central bank and the watchful gaze of the financial overseer, thus cementing their claim to a coveted local cryptocurrency license. In the bustling city-state of Singapore, the satellite extension of Upbit, a colossus hailing from South Korea and revered for its voluminous trade, has been graced with the provisional benediction of a Major Payment Institution (MPI) license, marking an auspicious milestone. A date of considerable significance, the 16th of October witnessed the solemn pronouncement from Upbit Singapore, declaring that the venerable Monetary Authority of Singapore (MAS) had bestowed upon them the coveted imprimatur of a provisional license, thereby authorizing them to commence their offering of digital payment token services to discerning institutional investors, all the while keeping an eager vigil for the eventual conferral of the cherished full license.

Raks Sondhi, the sagacious Chief Operating Officer of Upbit Singapore, in a moment of candor, unveiled the enterprise’s transformative agenda, asserting with measured enthusiasm, ‘We stand poised to transcend the confines of anonymity, for our footprint in the Singaporean landscape extends back to the bygone days of 2018, a journey marked by steady expansion and consistent fortification.’ With an air of confounding profundity, Sondhi further divulged the ingress of fresh talents into their ranks, a strategic augmentation that had been in motion since the blossoming of April. In measured tones, he continued, ‘Our prevailing vocation finds its essence in the dynamic realms of digital asset exchange, a domain we are determined to invigorate further, even as our gaze extends to the enigmatic realm of institutional ventures and the intricate tapestry of infrastructure projects.’ With a hint of enigmatic revelation, he added, ‘Indeed, there are uncharted market segments wherein we harbor the conviction of our imminent prowess.’

Azman Hamid, the vigilant guardian of compliance within the organization, rendered a solemn declaration, underscoring the resolute dedication of the entity toward its expansion within the Singaporean terrain. In solemn words, he professed, ‘Our commitment remains unwavering, a commitment to foster the very foundations of Singapore as the epicenter for the dawn of a new era in financial enterprise.’ In the realm of possibilities, an imminent panorama unfurls where a comprehensive endorsement for Upbit shall usher them into the coveted fraternity of the select 15 cryptocurrency entities, each vested with the august privilege of a full-fledged MPI digital payment token service license, tendered with the imprimatur of MAS.

The month of October unfolded as a crescendo of regulatory assent in the Singaporean milieu. In rapid succession, the outposts of Coinbase, Ripple, and Sygnum Bank were individually anointed with the seal of approval by the formidable hand of MAS. This veritable deluge elevated the count of MAS-endorsed digital payment token service establishments to an auspicious tally of 15. On the 2nd of October, Coinbase, the harbinger of crypto trade, found itself basking in the effulgence of full approval for its MPI license, while GSR, a noteworthy entity in the realm of crypto trading, was bestowed provisional imprimatur on the selfsame day. In a symphony of temporal orchestration, Swiss crypto bank subsidiary, Sygnum Singapore, entered the pan.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.