Singapore crypto exchange scores major regulatory win

• This achievement is seen as a strategic milestone for Upbit’s growth.
• Upbit is one in every of a number of cryptocurrency-related entities which have made vital progress in acquiring regulatory approval in Singapore.

Upbit’s Singapore entity just lately obtained in-principal approval from the Financial Authority of Singapore (MAS) for a Main Fee Establishment (MPI) license, permitting the trade to supply digital cost token providers to institutional buyers.

Whereas Upbit awaits full licensing, this achievement is seen as a strategic milestone for the trade’s growth in Singapore. Upbit is South Korea’s largest cryptocurrency trade by buying and selling quantity.

Based in 2018, Upbit Singapore has been steadily working towards this regulatory approval to strengthen its native presence within the nation.

Alex Kim, the CEO of Upbit Singapore, expressed the importance of this approval because the agency’s dedication to increasing its enterprise. Azman Hamid, the compliance chief at Upbit, highlighted the corporate’s objective to additional develop its operations in Singapore.

Full approval for Upbit would imply that the trade joins a choose group of 15 cryptocurrency companies with full MPI digital cost token service licenses issued by MAS.

Notably, Upbit is one in every of a number of cryptocurrency-related entities which have made vital progress in acquiring regulatory approval in Singapore.

Singapore’s thriving crypto regulatory panorama

All through October, distinguished gamers within the cryptocurrency business obtained approvals for MPI licenses from MAS. On 2 October, Coinbase secured full approval for its MPI license. On the identical day, crypto buying and selling agency GSR obtained in-principal approval for its MPI license.

Subsequently, on 3 October, Swiss cryptocurrency financial institution subsidiary Sygnum Singapore obtained its full MPI license, adopted by Ripple [XRP], which obtained full approval on 4 October.

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These approvals have expanded the listing of MAS-licensed digital cost token service suppliers to fifteen firms.

Upbit repelled 159k hacks in H1 2023

Upbit skilled a surge in hacking makes an attempt through the first half of 2023, with 159,061 recorded instances. This was a 117% rise from the primary half of 2022. Furthermore, it was a staggering 1,800% surge from the identical interval in 2020.

Regardless of implementing measures to reinforce safety, together with utilizing chilly wallets, Consultant Park Seong-jung has known as for complete cybersecurity checks to guard digital asset exchanges and significant sectors.

This text initially appeared right here.