{"id":24010,"date":"2023-10-16T10:44:41","date_gmt":"2023-10-16T10:44:41","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/upbit-singapore-nears-full-approval-for-major-payment-institution-license\/"},"modified":"2023-10-16T10:44:41","modified_gmt":"2023-10-16T10:44:41","slug":"upbit-singapore-nears-full-approval-for-major-payment-institution-license","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/upbit-singapore-nears-full-approval-for-major-payment-institution-license\/","title":{"rendered":"Upbit Singapore Nears Full Approval for Major Payment Institution License"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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The well-known South Korean cryptocurrency exchange Upbit has made significant regulatory progress in Singapore. According to a press release, Upbit\u2019s Singapore business has received In-Principal Approval from the Monetary Authority of Singapore (MAS)<\/a> for a license as a Major Payment Institution (MPI).<\/p>\n

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\u2019s dedication to establishing a reliable and legal digital asset company in the area.<\/p>\n

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Singapore\u2019s Ascendance in the Global Crypto Landscape<\/h2>\n

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\u2019s 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.<\/p>\n

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\u2019s delight in the achievement. He stressed the commitment of Upbit to support reputable digital asset enterprises in Singapore. Additionally, he emphasized Upbit\u2019s 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.<\/p>\n

Upbit Singapore, which was founded in 2018, had already attained exemption status from the PSA\u2019s requirement to possess a license by 2020. This milestone in regulation demonstrates Upbit\u2019s continued dedication to upholding the highest levels of compliance and customer service within Singapore\u2019s booming cryptocurrency ecosystem.<\/p>\n

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Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) The well-known South Korean cryptocurrency exchange Upbit has made significant regulatory progress in Singapore. According to a press release, Upbit\u2019s 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 […]<\/p>\n","protected":false},"author":5,"featured_media":24011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24010"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24010"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24010\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24011"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}