South Korean exchange Upbit secures first licensing deal from Singapore

Upflow Singapore brand initial approval Since THE country central bank And financial regulator For A local crypto license.

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THE Singapore entity For Upbit, South Korea the biggest exchange by volume, has has been given in principle approval For A Major Payment Institution (MPI) Licence In Singapore.

On October. 16, Upflow Singapore said THE Monetary Authority of Singapore (MAS) gave THE in principle Licence nod, allowing he has continue with digital payment token services has institutional investors while on hold It is complete license.

Upflow Singapore founder And CEO Alex Kim said In A statement that THE farm was based In 2018 but called THE recent approval A strategic milestone For he has deepen It is local presence.

THE Upflow Singapore team, in picture In THE the city downtown area. Source: Upflow Singapore

Azman Hamid, THE the company compliance chief, said THE approval reflects It is commitment has building It is companies In Singapore. "We will contribute has further establish Singapore as THE leading hub For THE following generation of financial companies," he added.

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A potential complete approval For Upflow would be see THE exchange join A total of 15 crypto companies with complete MPI digital payment token serve licenses Since MAS.

In October alone, THE Singaporean entities For Coinbase, Ripple And Sygnum Bank all received lice...