Upbit Singapore Acquires Preliminary MAS Approval for Major Payment Institution Licence

blockchain.news:

On October 16, 2023, Upbit Singapore Pte. Ltd. (Upbit Singapore), secured an in-principle approval (IPA) from the Monetary Authority of Singapore (<dfn data-info=«The Monetary Authority of Singapore (MAS) is Singapore» s central bank. the mission of mas is to promote sustained non-inflationary>MAS) for a Major Payment Institution (MPI) licence, marking a pivotal step in the firm's journey to fortify its digital asset venture in the region. This provisional approval allows Upbit Singapore to persist in rendering regulated Digital Payment Token services in alignment with the Payment Services Act 2019, while awaiting the issuance of the full license.

This move isn’t isolated but mirrors a broader regulatory narrative in Singapore, with notable entities like Sygnum Singapore, Coinbase, GSR Markets, Blockchain.com, and Crypto.com also securing MPI licenses.

Since 2018, Upbit Singapore has been laying robust foundations for a vigorous digital asset business in Singapore, a renowned financial hub in Asia. The IPA from MAS, a globally recognized financial regulator, represents a significant milestone that strategizes Upbit Singapore's deeper penetration into the Singaporean market, which is seen as a nexus for digital asset innovation. This also symbolizes Singapore's ongoing commitment to fostering innovation while ensuring consumer protection, thereby attracting committed innovators to its shores.

Alex Kim, the Founder and CEO of Upbit Singapore, emphasized that this approval is instrumental in unlocking new vistas for retail, institutional, and infrastructure-centric businesses. Moreover, Azman Hamid, the Chief Compliance Officer of Upbit Singapore, expressed immense pride in receiving the IPA, reiterating the firm's