Singapore’s Digital Asset Regulations Appeal to Upbit
If you are interested in cryptocurrency, you will be pleased to hear that Upbit Singapore, a branch of the well-known global digital asset firm Upbit APAC, has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This accomplishment reinforces Upbit Singapore’s position in Singapore’s strict regulatory environment, allowing them to expand their digital asset business and continue to prosper.
Singapore Setting the Standards
Singapore is revered for its approach to digital asset regulations, as evidenced by the Payment Service Act (PSA) of 2020. This act, implemented on January 18, 2020, lays out clear guidelines for digital payment services and mandates that all digital asset providers must obtain a license from MAS to ensure compliance with anti-money laundering (AML), counter-terrorist financing (CTF), customer due diligence (CDD), and cybersecurity standards.
Meeting High Standards in Singapore
The MPI license is a significant milestone for Upbit Singapore and demonstrates their commitment to adhering to the PSA’s stringent standards. With this license, Upbit Singapore can offer a variety of digital asset services, including trading, custody, and payments. Moreover, it enables Upbit Singapore to become a principal member alongside Visa and Mastercard, facilitating card-based digital asset transactions.
In addition, Upbit APAC’s strategy to expand its institutional and infrastructure-focused operations is supported by this license. Upbit APAC, which already operates in Thailand and Indonesia, offers solutions through VerifyVASP, a leading digital asset travel rule solution. The MPI license enhances Upbit APAC’s position in the regulated digital asset market.
Insight from Upbit Singapore’s Founder and CEO
Alex Kim, Upbit Singapore’s founder and CEO, emphasized Singapore’s robust regulatory framework and reputation as a leading financial center in Asia, making it an ideal location for institutional activities. He added that Upbit Singapore is well-positioned to serve both institutional and retail clients with advanced digital asset solutions, contributing to Singapore’s thriving digital ecosystem.
Do you believe Singapore is paving the way in responsible crypto innovation?
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Singapore’s Digital Asset Regulations Appeal to Upbit Singapore, Serving as a Model for Responsible Crypto Innovation
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