Cryptocurrency Exchange Upbit Receives ‘In-Principle’ Approval from Monetary Authority of Singapore
Cryptocurrency exchange Upbit has announced that it has received ‘in-principle’ approval from the Monetary Authority of Singapore (MAS) to offer digital asset services to users. This approval allows Upbit Singapore to continue providing regulated digital payment token services in compliance with the Payment Services Act of 2019.
Upbit Can Continue Offering Digital Payment Token Services
The in-principle Major Payment Institution (MPI) license granted by MAS enables Upbit to offer digital payment token services while awaiting full approval from the regulator. The approval is a strategic milestone for Upbit, as it deepens its presence in Singapore, which is known for its digital asset innovation.
Singapore Emerges as a Leading Crypto Hub
Singapore is considered one of the world’s leading crypto hubs, thanks to its close collaboration between the government, banks, businesses, and the general public. The founder and CEO of Upbit Singapore, Alex Kim, expressed his excitement about receiving approval from MAS and highlighted Singapore’s role as a global powerhouse in unlocking new capabilities for various businesses.
Upbit Joins Select Group of Regulated Exchanges
With the grant of the Major Payment Institution License, Upbit Singapore joins a select group of regulated digital asset exchanges operating under Upbit APAC. This allows Upbit to accelerate its expansion globally and empower innovators. The Chief Compliance Officer of Upbit Singapore, Azman Hamid, emphasized their commitment to building trusted digital asset businesses in Singapore.
Singapore’s Crypto-Friendly Stance
Singapore has positioned itself as a crypto-friendly country by granting licenses to major players like Coinbase and Ripple. The country aims to offer opportunities for investments, job creation, and educational workshops in the crypto space. Singapore also hosted the Token2049 conference, a significant event in the Web3 and crypto industry, attracting thousands of attendees and exhibitors.
Hot Take: Singapore Continues to Foster Crypto Innovation
Singapore’s approval of Upbit’s digital asset services further solidifies its position as a leading hub for cryptocurrency innovation. By providing a supportive regulatory environment and fostering collaboration between businesses and regulators, Singapore attracts global players and empowers innovators. With its commitment to consumer protection and sustainable innovation, Singapore remains at the forefront of the crypto industry.
By
By
By
By