Upbit,
a South Korean cryptocurrency exchange, announced that its Singapore entity has
received In-Principal Approval for a Major Payment Institution (MPI) license
from the Monetary Authority of Singapore (MAS).
This
development paves the way for Upbit to continue offering regulated digital
payment token services under the Payments Services Act (PSA), 2019, while it
awaits full approval.
Singapore
is known for its robust regulatory framework when it comes to cryptocurrencies.
These are typically categorized as digital payment tokens under the PSA. The
country has emerged as a global cryptocurrency hub, followed by Switzerland and
the United Arab Emirates, largely due to its government’s collaborative efforts
with financial institutions, businesses, and the public to foster innovation in
the crypto sector.
Azman
Hamid, Chief Compliance Officer of Upbit Singapore, said: “We
are incredibly proud to receive the IPA from MAS, a globally renowned financial
regulator. This approval reflects our unwavering commitment to building trusted
digital asset businesses in Singapore.”
“Through
engaging collaboration with the regulator, businesses and communities, we will
contribute to further establish Singapore as the leading hub for the next
generation of financial businesses,”
Upbit Singapore has been
a prominent player in the cryptocurrency market since its establishment in
2018. In 2020, it received exempt status, relieving it from the obligation to
hold a license under the PSA, a recognition of its commitment to complying with
regulatory standards.
Singapore: The Preferred
Destination for Crypto Companies in Southeast Asia
Finance Magnates reported earlier
that Ripple,
a San Francisco-based blockchain firm, has strengthened its presence in
Southeast Asia by obtaining a Major Payments Institution (MPI) license from
the Monetary Authority of Singapore (MAS).
This
development follows Coinbase
and Sygnum, which also received MPI licenses in Singapore after initial
in-principal approval. Singapore, with its clear cryptocurrency regulations,
has become a favored destination for crypto companies seeking to expand their
services across the lucrative Southeast Asian market.
Notable
recipients of the MPI license in Singapore include Payoneer, Blockchain.com,
and TerraPay, highlighting the country’s appeal to cryptocurrency businesses.
Upbit,
a South Korean cryptocurrency exchange, announced that its Singapore entity has
received In-Principal Approval for a…
