Upbit Receives Preliminary Approval From Singapore Regulator
The post Upbit Receives Preliminary Approval From Singapore Regulator appeared on BitcoinEthereumNews.com. Table of Contents Cryptocurrency exchange Upbit has revealed it has received ‘in-principle’ approval from the Monetary Authority of Singapore to offer users digital asset services. The approval allows Upbit Singapore to continue offering regulated digital payment token services in compliance with the Payment Services Act of 2019. Upbit To Continue Offering Digital Payment Token Services The in-principle Major Payment Institution (MPI) license from the Monetary Authority of Singapore allows Upbit to continue offering digital payment token services under the Payment Services Act while it awaits for full approval from the regulator, according to a statement. “We are pleased to announce that the Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for a Major Payment Institution (MPI) license to Upbit Singapore Pte. Ltd. (Upbit Singapore). The IPA enables Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 whilst awaiting the grant of the full license.” Singapore regulates cryptocurrencies as digital payment tokens under the Payment Services Act. London-based investment migration consultancy Henley & Partners has stated that Singapore has emerged as one of the world’s leading crypto hubs, closely followed by Switzerland and the United Arab Emirates. This, according to the consultancy, is primarily because the Singapore government has worked closely with banks, businesses, and the general public. Speaking about receiving approval from the country’s regulator, the founder and CEO of Upbit Singapore, Alex Kim, stated, “Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia. This approval from MAS is a strategic milestone for us to deepen our presence in Singapore, which is at the forefront of digital asset innovation. Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure-focused businesses.” Upbit Broadening…
The post Upbit Receives Preliminary Approval From Singapore Regulator appeared on BitcoinEthereumNews.com.
Table of Contents Cryptocurrency exchange Upbit has revealed it has received ‘in-principle’ approval from the Monetary Authority of Singapore to offer users digital asset services. The approval allows Upbit Singapore to continue offering regulated digital payment token services in compliance with the Payment Services Act of 2019. Upbit To Continue Offering Digital Payment Token Services The in-principle Major Payment Institution (MPI) license from the Monetary Authority of Singapore allows Upbit to continue offering digital payment token services under the Payment Services Act while it awaits for full approval from the regulator, according to a statement. “We are pleased to announce that the Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for a Major Payment Institution (MPI) license to Upbit Singapore Pte. Ltd. (Upbit Singapore). The IPA enables Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 whilst awaiting the grant of the full license.” Singapore regulates cryptocurrencies as digital payment tokens under the Payment Services Act. London-based investment migration consultancy Henley & Partners has stated that Singapore has emerged as one of the world’s leading crypto hubs, closely followed by Switzerland and the United Arab Emirates. This, according to the consultancy, is primarily because the Singapore government has worked closely with banks, businesses, and the general public. Speaking about receiving approval from the country’s regulator, the founder and CEO of Upbit Singapore, Alex Kim, stated, “Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia. This approval from MAS is a strategic milestone for us to deepen our presence in Singapore, which is at the forefront of digital asset innovation. Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure-focused businesses.” Upbit Broadening…
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