The Monetary Authority of Singapore (MAS) has granted in-principal approval to Upbit Singapore, allowing them to offer regulated digital payment token services under Singapore’s Payment Services Act 2019.
Upbit Singapore, the branch of South Korea’s largest cryptocurrency exchange, Upbit, has received a major milestone in its operations. It has been granted in-principal approval for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This approval allows Upbit Singapore to provide regulated digital payment token services in compliance with Singapore’s Payment Services Act 2019.
Upbit Singapore was launched in 2018 and previously received exempt status from holding a license under the PSA in 2020. This recent approval from MAS marks a significant development for Upbit Singapore, as it allows the exchange to continue offering its services to institutional investors while awaiting full license authorization.
Singapore has established itself as a prominent hub for the cryptocurrency industry, with the government actively working towards creating a favorable environment for cryptocurrencies. Upbit’s approval by MAS puts it among a select group of 15 crypto firms with full MPI digital payment token service licenses. Other notable players such as Coinbase and Blockchain.com have also received licenses from MAS, further solidifying Singapore’s reputation as a cryptocurrency-friendly jurisdiction.
Frequently Asked Questions (FAQs)
What is MPI?
Major Payment Institution (MPI) is a license category under Singapore’s Payment Services Act 2019. It allows companies to offer regulated digital payment token services.
What does the in-principal approval mean for Upbit Singapore?
The in-principal approval from MAS allows Upbit Singapore to offer regulated digital payment token services to institutional investors while awaiting full license authorization. It is a significant milestone for Upbit Singapore’s operations and reinforces their commitment to establishing a strong presence in the local market.
Why is Singapore considered a cryptocurrency hub?
Singapore has actively worked with banks, businesses, and the public to create a favorable environment for cryptocurrencies. The government has implemented regulations that strike a balance between innovation, consumer protection, and responsible growth, making Singapore an attractive jurisdiction for cryptocurrency companies.
Which other companies have received MPI licenses from MAS?
Other notable companies that have received MPI licenses from MAS include Coinbase and Blockchain.com. Ripple has also been approved by MAS to operate in Singapore.
What is the significance of Upbit Singapore’s approval?
Upbit Singapore’s approval by MAS signifies its compliance with regulatory standards and positions it as a trusted player in the cryptocurrency industry. It allows Upbit Singapore to expand its operations and solidify its presence in Singapore’s growing crypto market.