{"id":61677,"date":"2023-10-16T11:28:24","date_gmt":"2023-10-16T15:28:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=61677"},"modified":"2023-10-16T11:28:28","modified_gmt":"2023-10-16T15:28:28","slug":"upbit-singapore-gets-preliminary-license-approval-from-mas","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/upbit-singapore-gets-preliminary-license-approval-from-mas\/","title":{"rendered":"Upbit Singapore Gets Preliminary License Approval from MAS"},"content":{"rendered":"\n

Upbit Singapore has received in-principle approval from the Monetary Authority of Singapore (MAS)<\/a> for a major payment institution license. The license will allow Upbit Singapore to offer regulated crypto services to institutional investors and other users.<\/p>\n\n\n\n

\"Upbit<\/figure>\n\n\n\n

Upbit Singapore, a subsidiary of South Korea\u2019s leading crypto exchange Upbit<\/a> by volume, has announced that it has secured in-principle approval \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) license in accordance with the Payment Services Act. <\/p>\n\n\n\n

The act serves as the regulatory framework governing crypto activities in the country.<\/p>\n\n\n\n

The exchange is a wholly-owned subsidiary of Upbit APAC Pte Ltd., which oversees various entities within the broader Upbit APAC ecosystem. <\/p>\n\n\n\n

These include VerifyVASP Pte. Ltd., the leading provider of Travel Rule solutions for digital assets, Upbit Exchange (Thailand) Co., Ltd., a regulated digital asset exchange and broker under the Thailand SEC, and PT. Upbit Exchange Indonesia.<\/p>\n\n\n\n

A Key Success for Upbit Singapore and the Crypto Sector<\/h2>\n\n\n\n

The MPI license approval from MAS is a significant milestone for Upbit Singapore, as it demonstrates its compliance with the regulatory standards and requirements of the Payment Services Act. <\/p>\n\n\n\n

The act aims to ensure consumer protection, anti-money laundering, counter-terrorism financing, and cyber security in the crypto industry.<\/p>\n\n\n\n

The license approval will enable Upbit Singapore to continue to provide digital payment token (DPT) services<\/use><\/svg><\/span><\/a> to institutional investors while awaiting full license authorization. <\/p>\n\n\n\n

DPT services include buying, selling, or exchanging digital tokens that are not issued or backed by any government or central authority, such as Bitcoin or Ethereum.<\/p>\n\n\n\n

The approval will also allow Upbit Singapore to expand its user base and market share in Singapore, which is one of the leading fintech and crypto hubs in Asia.<\/p>\n\n\n\n

Singapore has a supportive and innovative regulatory environment for crypto businesses, attracting many global players and investors to its shores.<\/p>\n\n\n\n

Upbit Singapore\u2019s Statement and Action Plan<\/h3>\n\n\n\n

Upbit Singapore expressed its enthusiasm<\/use><\/svg><\/span><\/a> and gratitude for the license approval from MAS, stating that it is a strategic milestone to deepen its presence in Singapore, which is at the forefront of digital asset innovation. <\/p>\n\n\n\n

It also said that it is operationally ready to offer regulated DPT services upon receiving full license authorization from MAS.<\/p>\n\n\n\n

The crypto exchange also revealed that it is planning to double its workforce in compliance, legal, institutional, and Web3 business development departments following the recent regulatory approval. <\/p>\n\n\n\n

Upbit Singapore also said that it will continue to enhance its platform features and user experience, as well as collaborate with other industry players and stakeholders.<\/p>\n\n\n\n

Upbit Singapore\u2019s license approval signals a new era for crypto services in Singapore, with Upbit leading the way in providing secure, regulated, and innovative offerings for the market\u2019s growing demands.<\/p>\n","protected":false},"excerpt":{"rendered":"

Upbit Singapore has received in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution license. The license will allow Upbit Singapore to offer regulated crypto services to institutional investors and other users. Upbit Singapore, a subsidiary of South Korea\u2019s leading crypto exchange Upbit by volume, has announced that it has secured […]<\/p>\n","protected":false},"author":44,"featured_media":61680,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[4138,884,16759],"class_list":["post-61677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-monetary-authority-of-singapore","tag-regulations","tag-upbit-syngapore"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/Upbit_IPA_.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/61677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=61677"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/61677\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/61680"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=61677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=61677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=61677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}