The Monetary Authority of Singapore (MAS) has
officially granted Upbit Singapore a Major Payment Institution (MPI) license,
marking an important step for the company in its commitment to the country’s crypto regulations.
Alex Kim, the Founder and CEO of Upbit Singapore,
mentioned: “Singapore has emerged as a global hub for digital asset
innovation, and its significance for institutional business cannot be overstated.
Upbit Singapore is poised to be the nexus of institutional activities,
capitalizing on Singapore’s robust regulatory framework and its reputation as a
leading financial center in Asia.
“This license marks an important step for us to
serve institutional and retail clients with cutting-edge digital asset
solutions contributing to Singapore’s thriving digital ecosystem.”
This milestone places Upbit Singapore, a subsidiary
of Upbit APAC, within the purview of the global digital asset group. Upbit APAC
oversees regulated digital asset exchanges in Singapore, Indonesia, and
Thailand.
Upbit Singapore’s attainment of the MPI license from the MAS represents not just a regulatory triumph but a significant leap toward
facilitating the integration of digital assets within the institutional finance
landscape.
In October, Upbit received an In-Principal Approval
for an MPI license from MAS, which is a significant stride towards offering
regulated digital payment token services, Finance Magnates reported.
Singapore’s reputation for comprehensive regulations
in the cryptocurrency space has made it a global hub for crypto-related
ventures.
Upbit Singapore Secures In-Principle Approval from the MAS
We are pleased to announce that the Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for a Major Payment Institution (MPI) licence to Upbit Singapore Pte. Ltd. pic.twitter.com/AFC3IDBz6j
— Upbit Global (@upbitglobal) October 16, 2023
Singapore’s Crypto Landscape
Collaborations between Singapore’s government,
financial institutions, businesses, and the public have strengthened its
position as a hub for crypto innovation alongside Switzerland and the UAE.
The trend of obtaining MPI licenses in Singapore is
not exclusive to Upbit. Ripple , Coinbase, and Sygnum have secured these
licenses, highlighting the country’s appeal to crypto companies seeking
regulated expansion.
Notable entities like Payoneer, Blockchain.com, and
TerraPay further reinforce Singapore’s attractiveness for cryptocurrency
businesses, emphasizing its pivotal role in shaping the global crypto
landscape.
Recently, the MAS embraced new regulations to deter speculation and protect crypto users. The regulator unveiled
stringent guidelines for Digital Payment Token (DPT) service providers in the
country.
Set to be enforced from mid-2024, these regulations
are poised to revolutionize how crypto entities operate in Singapore. Under the
new regulations, the MAS demands a fundamental shift in how DPT service
providers conduct their business. These guidelines encompass various crucial aspects,
emphasizing the need for accountability and risk mitigation.
The Monetary Authority of Singapore (MAS) has
officially granted Upbit Singapore a Major Payment Institution (MPI) license,
marking an important step for the company in its commitment to the country’s crypto regulations.
Alex Kim, the Founder and CEO of Upbit Singapore,
mentioned: “Singapore has emerged as a global hub for digital asset
innovation, and its significance for institutional business cannot be overstated.
Upbit Singapore is poised to be the nexus of institutional activities,
capitalizing on Singapore’s robust regulatory framework and its reputation as a
leading financial center in Asia.
“This license marks an important step for us to
serve institutional and retail clients with cutting-edge digital asset
solutions contributing to Singapore’s thriving digital ecosystem.”
This milestone places Upbit Singapore, a subsidiary
of Upbit APAC, within the purview of the global digital asset group. Upbit APAC
oversees regulated digital asset exchanges in Singapore, Indonesia, and
Thailand.
Upbit Singapore’s attainment of the MPI license from the MAS represents not just a regulatory triumph but a significant leap toward
facilitating the integration of digital assets within the institutional finance
landscape.
In October, Upbit received an In-Principal Approval
for an MPI license from MAS, which is a significant stride towards offering
regulated digital payment token services, Finance Magnates reported.
Singapore’s reputation for comprehensive regulations
in the cryptocurrency space has made it a global hub for crypto-related
ventures.
Upbit Singapore Secures In-Principle Approval from the MAS
We are pleased to announce that the Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for a Major Payment Institution (MPI) licence to Upbit Singapore Pte. Ltd. pic.twitter.com/AFC3IDBz6j
— Upbit Global (@upbitglobal) October 16, 2023
Singapore’s Crypto Landscape
Collaborations between Singapore’s government,
financial institutions, businesses, and the public have strengthened its
position as a hub for crypto innovation alongside Switzerland and the UAE.
The trend of obtaining MPI licenses in Singapore is
not exclusive to Upbit. Ripple , Coinbase, and Sygnum have secured these
licenses, highlighting the country’s appeal to crypto companies seeking
regulated expansion.
Notable entities like Payoneer, Blockchain.com, and
TerraPay further reinforce Singapore’s attractiveness for cryptocurrency
businesses, emphasizing its pivotal role in shaping the global crypto
landscape.
Recently, the MAS embraced new regulations to deter speculation and protect crypto users. The regulator unveiled
stringent guidelines for Digital Payment Token (DPT) service providers in the
country.
Set to be enforced from mid-2024, these regulations
are poised to revolutionize how crypto entities operate in Singapore. Under the
new regulations, the MAS demands a fundamental shift in how DPT service
providers conduct their business. These guidelines encompass various crucial aspects,
emphasizing the need for accountability and risk mitigation.
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- Source: https://www.financemagnates.com//cryptocurrency/upbit-singapore-granted-mpi-license-for-institutional-crypto-services/
