Cryptocurrency Exchange Upbit Receives In-Principle Approval from MAS
The Monetary Authority of Singapore (MAS) has granted in-principle approval to Upbit, allowing the cryptocurrency exchange to continue offering digital asset services while awaiting full license approval. Upbit Singapore will be able to provide regulated Digital Payment Token services in compliance with the Payment Services Act 2019 during this period. This follows the recent grant of a Major Payment Institution (MPI) license from MAS to Upbit. The exchange’s trading volume in July exceeded that of Coinbase, reaching $29.8 billion.
Singapore’s Crypto-Friendly Stance
Singapore is known for its crypto-friendly environment and has been taking independent steps within the crypto landscape. Coinbase also obtained an MPI from MAS as part of its efforts to enter the Singaporean market. The country has hosted major conferences like Token2049, setting new attendance and participation records. Ripple, despite its legal battle with the US SEC, received in-principle approval from MAS to establish operations in Singapore. These developments highlight Singapore’s commitment to fostering innovation and growth in the cryptocurrency industry.
Hot Take: Singapore Leads the Way in Crypto Regulation
Singapore continues to solidify its position as a leading hub for cryptocurrency regulation and adoption. With regulatory approvals granted to major exchanges like Upbit and Coinbase, along with Ripple’s establishment of operations, Singapore demonstrates its commitment to creating a crypto-friendly environment. The country’s hosting of high-profile conferences further underscores its prominence in the crypto sphere. As other nations navigate their regulatory frameworks, Singapore serves as an example of how embracing cryptocurrencies can drive innovation, economic growth, and job opportunities.
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