Upbit Singapore Nears Full Approval for Major Payment Institution License

The well-known South Korean cryptocurrency exchange Upbit has made significant regulatory progress in Singapore. According to a press release, Upbit’s Singapore business has received In-Principal Approval from the Monetary Authority of Singapore (MAS) for a license as a Major Payment Institution (MPI).

As a result of this accomplishment, Upbit Singapore can continue to offer regulated digital payment token services in accordance with the Payments Services Act (PSA), 2019, while awaiting final approval. The PSA classifies cryptocurrencies as electronic payment tokens that must comply with strict legal requirements in Singapore. This initiative demonstrates Upbit Singapore’s dedication to establishing a reliable and legal digital asset company in the area.

Singapore’s Ascendance in the Global Crypto Landscape

Singapore has distinguished itself as the top jurisdiction in the world for cryptocurrency activity in recent years, establishing itself as a major global crypto center. The government, financial institutions, companies, and the general population of Singapore have worked together to achieve this position. Singapore’s crypto-friendly atmosphere has given it an advantage over rivals like Switzerland and the United Arab Emirates, according to Henley & Partners, a London-based investment migration firm.

The In-Principal Approval from MAS, a renowned financial regulator, was acknowledged by Azman Hamid, Chief Compliance Officer of Upbit Singapore, who also highlighted the company’s delight in the achievement. He stressed the commitment of Upbit to support reputable digital asset enterprises in Singapore. Additionally, he emphasized Upbit’s dedication to collaborating closely with authorities, companies, and communities in order to assist Singapore maintain its position as the leading center for the emergence of new financial enterprises.

Upbit Singapore, which was founded in 2018, had already attained exemption status from the PSA’s requirement to possess a license by 2020. This milestone in regulation demonstrates Upbit’s continued dedication to upholding the highest levels of compliance and customer service within Singapore’s booming cryptocurrency ecosystem.