Abstract:Upbit Singapore obtains a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.
The Monetary Authority of Singapore (MAS) has officially granted Upbit Singapore a Major Payment Institution (MPI) license, signalling a significant stride for the company's commitment to Singapore's crypto regulations.
Alex Kim, Founder and CEO of Upbit Singapore, emphasized Singapore's emergence as a global digital asset innovation hub, stating the country's pivotal role for institutional businesses. He highlighted Upbit Singapore's poised position as the hub for institutional activities, leveraging Singapore's robust regulatory framework and its standing as a leading financial centre in Asia.
It was said that the license represents a crucial milestone for Upbit Singapore, enabling the provision of advanced digital asset solutions to both institutional and retail clients, thereby contributing significantly to Singapore's thriving digital ecosystem.
This accomplishment situates Upbit Singapore, a subsidiary of Upbit APAC, under the global digital asset group's oversight, managing regulated digital asset exchanges across Singapore, Indonesia, and Thailand.
Obtaining the MPI license from MAS represents a regulatory triumph for Upbit Singapore, facilitating the integration of digital assets within the institutional finance landscape.
In an earlier development in October, Upbit received an In-Principal Approval for an MPI license from MAS, signifying a substantial leap towards providing regulated digital payment token services.
The collaborative efforts among Singapore's government, financial institutions, businesses, and the public have solidified its position as a crypto innovation hub, akin to Switzerland and the UAE.
The pursuit of MPI licenses in Singapore extends beyond Upbit. Ripple, Coinbase, and Sygnum securing these licenses highlight the country's allure to crypto firms seeking regulated expansion. Prominent entities such as Payoneer, Blockchain.com, and TerraPay further accentuate Singapore's appeal for cryptocurrency businesses, underscoring its pivotal role in shaping the global crypto landscape.
Recently, MAS introduced new regulations to curb speculation and safeguard crypto users. The regulator unveiled stringent guidelines for Digital Payment Token (DPT) service providers in the country.
These regulations, set to be enforced from mid-2024, aim to transform how crypto entities operate in Singapore. The MAS demands a fundamental shift in how DPT service providers conduct their business, emphasizing accountability and risk mitigation as critical aspects.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
The article exposes the "VENOM Airdrop" scam, detailing how it operates as a cryptocurrency drainer, leveraging social media platforms like Twitter to target unsuspecting individuals, while also highlighting the broader prevalence of cryptocurrency scams and offering proactive measures to protect against online fraud.
Coinbase achieves a first-quarter profit of $1.2 billion following the launch of bitcoin ETFs and increased trading volumes.
Blockchain technology offers promising potential in combating financial fraud through its decentralized, transparent, and secure features, although challenges such as scalability and regulatory concerns need to be addressed for its full utilization.
Unlawful practices of QmmFx, an unregulated broker in the UAE notorious for rejecting withdrawals and operating without oversight.