Upbit’s Singapore entity has received in-principal approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, allowing it to offer digital payment token services to institutional investors. While awaiting full licensing, this achievement is a strategic milestone for Upbit’s expansion in Singapore, as it strengthens its local presence.
Once fully approved, Upbit will join a select group of 15 cryptocurrency firms with complete MPI digital payment token service licenses issued by MAS.
Notably, Upbit is one of several cryptocurrency-related entities that have made significant progress in obtaining regulatory approval in Singapore. In October, other industry players, including Coinbase, GSR, Sygnum Singapore, and Ripple, received approvals for MPI licenses from MAS, expanding the list of MAS-licensed digital payment token service providers.
Despite its expansion efforts, Upbit also faced an increase in hacking attempts in the first half of 2023, with 159,061 recorded cases, representing a significant rise from previous periods. The exchange has implemented security measures, including using cold wallets, and calls for comprehensive cybersecurity tests to protect virtual asset exchanges and critical sectors.
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}