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Upbit exchange secures license in Singapore

Upbit has obtained a Major Payment Institution license from the Monetary Authority of Singapore for its local branch, Upbit Singapore. The news was announced on Jan. 8 on Upbit’s official website. 

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Upbit has obtained a Major Payment Institution license from the Monetary Authority of Singapore for its local branch, Upbit Singapore. The news was announced on Jan. 8 on Upbit’s official website. 

Upbit Singapore intends to expand its range of services in the country after securing the MPI license. The exchange joins 15 other institutions holding MPI status in Singapore, including Ripple, Blockchain.com, Paxos, Coinbase and Revolut.

The initial in-principal approval from the MAS was revealed in October 2023, while the company has been operating in Singapore since 2018. At the time, Upbit Singapore’s chief operating officer Raks Sondhi stated that the company would focus on “the institutional segment and infrastructure projects” in the Singaporean market.

An MPI license allows institutions to provide crypto and fiat-related services to Singaporeans. Licensed firms are authorized to conduct payment services without being subjected to single transaction limits of 3 million Singaporean dollars and monthly limits of 6 million Singaporean dollars.

In November 2023, the MAS laid down measures for digital payment token service providers to discourage speculation in cryptocurrency investments. The service providers must not offer financing, margin or leveraged transactions or provide any incentives to trade in cryptocurrencies. In addition, customers won’t be allowed to use their credit cards to buy crypto, and their crypto holdings won’t be counted as a part of their net worth by banking institutions.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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