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Singapore’s Financial Regulator Grants Payment License to South Korean Cryptocurrency Exchange Upbit

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Singapore Upbit Payment License

Upbit, one of the largest cryptocurrency exchanges based in South Korea, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This enables the exchange to offer regulated digital payment token (DPT) services in Singapore. In October 2023, Upbit received in-principle approval from MAS, which allowed the exchange to continue operating in the country while awaiting full licensing. With other industry leaders like Coinbase and also obtaining an MPI license in Singapore, Upbit joins them in being able to provide services under the regulatory framework set out by MAS.

Stringent Assessment Process

Singapore Upbit Payment License

The licensing regime established by MAS requires intense assessment of applicants’ anti-money laundering, counter-terrorism financing and cybersecurity practices. Upbit successfully demonstrated compliance with these key regulatory protocols through a rigorous evaluation. This involved scrutinizing its systems and processes to mitigate financial crimes and ensure robust security. Upbit displays adherence to Singapore’s legal and regulatory guidelines for cryptocurrency businesses by meeting stringent standards.

Expanded Service Offerings

With the MPI license, Upbit is now authorized to deliver a broader range of crypto-related offerings to its Singapore user base. This includes digital token exchange, custody functions and remittance facilities. The exchange expressed enthusiasm towards continuing exceptional service under MAS’ regulatory purview. The license also allows Upbit to collaborate with local financial institutions and payment providers to craft innovative crypto-driven solutions for Singapore.

Regulatory Acceptance Momentum

Singapore Upbit Payment License

By granting Upbit the MPI license, Monetary Authority of Singapore reinforces Singapore’s position at the forefront of establishing clear laws for the cryptocurrency industry worldwide. The country classifies digital currencies as payment tokens and oversees related corporations through the Payments Services Act 2019. This has attracted many industry players to a favorable business environment. Upbit’s success in obtaining its license, set against the backdrop of its forward-thinking stance, signifies a notable achievement for the company and a significant development in the maturing cryptocurrency scene of Singapore.

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Monique Morgan is a seasoned financial analyst and cryptocurrency expert, well-versed in blockchain technology. With a proven track record of success, she excels in identifying profitable opportunities within the dynamic crypto market. Through her articles, guides, and educational resources, Monique shares her valuable insights and knowledge, empowering traders to make informed decisions. Her keen eye for market patterns allows her to navigate the volatile crypto landscape with confidence, making her a sought-after contributor to the Ailtra platform. Stay tuned for Monique's expert advice and perspectives on the ever-evolving world of cryptocurrencies.
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