the Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for a Major Payment Institution (MPI) license to Upbit Singapore Pte. Ltd. (Upbit Singapore). The IPA enables Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 whilst awaiting the grant of the full license.
Earlier this month, Coinbase was granted the full MPI license, nearly a year after it obtained in-principle approval. In June, Circle also received an MPI license, which allowed its Singapore subsidiary to offer digital payment token services, and cross-border and domestic money transfer services.
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