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."
Upbit's Global Expansion
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 a regulatory triumph and a significant step for the company in facilitating the integration of digital assets within the institutional finance landscape.
In October, Upbit received an In-Principal Approvalfor an MPI license from the MAS. This authorization marked a significant stride by the crypto exchange 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 MASWe 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
Collaboration 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 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.
These regulations, poised to revolutionize how crypto entities operate in Singapore, are set to be enforced from mid-2024. 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.
This article was written by Jared Kirui at www.financemagnates.com.
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