Upbit Inches Closer To Offering Crypto Services In Singapore
Portfolio Pulse from Murtuza Merchant
South Korean cryptocurrency exchange Upbit has received preliminary consent from the Monetary Authority of Singapore (MAS) to provide digital payment token services in Singapore. If Upbit secures complete approval, it will join 16 entities with comprehensive digital payment token service licenses from MAS. Last month, Singapore branches of Coinbase, Ripple, and Sygnum Bank also received licenses from MAS.
October 16, 2023 | 4:17 pm
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Coinbase's Singapore branch received a license from MAS last month, indicating regulatory approval and potential growth in the region.
Regulatory approval is a positive sign for a cryptocurrency company as it allows them to operate legally and potentially attract more customers. This could lead to increased revenues and a positive impact on the stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Ripple's Singapore branch also received a license from MAS last month, indicating regulatory approval and potential growth in the region.
Regulatory approval is a positive sign for a cryptocurrency company as it allows them to operate legally and potentially attract more customers. This could lead to increased revenues and a positive impact on the cryptocurrency price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50