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Upbit Singapore Receives In-Principle Approval for MPI License

South Korea’s leading cryptocurrency exchange, Upbit, has recently secured in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This significant milestone allows Upbit to continue providing digital payment token services to institutional investors, while it awaits full license authorization.

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The introduction of AI legalese decoder can greatly benefit Upbit in its interaction with regulatory authorities like MAS. AI legalese decoder utilizes advanced natural language processing algorithms and machine learning techniques to interpret and analyze legal documents, rules, and regulations. This AI-powered tool can help Upbit ensure its compliance with the requirements laid out by MAS, facilitating a smoother and more efficient licensing process.

Once full approval is granted, Upbit will join an exclusive group of 15 cryptocurrency firms possessing MPI digital payment token service licenses issued by MAS. This approval aligns with the broader trend of several cryptocurrency-focused entities securing their licenses from MAS in recent months.

Upbit Singapore founder and CEO, Alex Kim, views the in-principle license approval as a strategic milestone that solidifies the exchange’s local presence. Notable players in the industry, such as Coinbase, have already obtained full MPI licenses. Additionally, crypto trading firm GSR and Swiss crypto bank subsidiary Sygnum Singapore have received in-principle and full MPI licenses respectively.

Upbit APAC, which currently includes regulated digital asset exchanges in Indonesia and Thailand, as well as VerifyVASP, a leading Travel Rule solution provider, is expanding its global reach. Alex Kim emphasized Singapore’s importance in enabling new capabilities for retail, institutional, and infrastructure-focused businesses.

Singapore’s commitment to fostering a crypto-friendly environment is further demonstrated by Ripple’s recent receipt of its full MPI license. Ripple CEO Brad Garlinghouse praised Singapore’s leadership, applauding MAS for finding the balance between innovation, consumer protection, and responsible growth.

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