Upbit Singapore, a branch of Upbit APAC, a renowned global digital asset company, has been awarded a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This achievement, which follows initial approval in October 2023, strengthens Upbit Singapore’s role in Singapore’s stringent regulatory environment.
Now you can grow your digital asset business and continue to thrive.
Singapore takes the lead
Singapore is known for its innovative approach to digital asset regulation. The Payment Services Act 2020 (PSA) came into force on January 18, 2020 and sets out clear guidelines for digital payment services. Under the PSA, all digital asset providers must obtain a license from her MAS. This ensures compliance with anti-money laundering (AML), counter-terrorist financing (CTF), customer due diligence (CDD), and cybersecurity standards.
Upbit Singapore: Meeting high standards
The MPI license is a major step for Upbit Singapore and underlines the company’s commitment to PSA’s standards. This license will enable Upbit Singapore to offer a range of digital asset services including trading, custody and payments. Additionally, this will enable Upbit Singapore to join Visa and Mastercard as a core member, facilitating card-based digital asset transactions.
This license is in line with Upbit APAC’s strategy to expand its business with a focus on organizations and infrastructure. Upbit APAC already operates in Thailand and Indonesia, offering solutions through VerifyVASP, the leading travel rules solution for digital assets. The MPI license strengthens his Upbit APAC position in the regulated digital asset market.
Let’s ask him himself
Alex Kim, Founder and CEO of Upbit Singapore, said Singapore’s reputation as one of Asia’s leading financial centers and strong regulatory framework make it an ideal location for institutional investor activity. I commented that it was. He added that Upbit Singapore is well-positioned to provide cutting-edge digital asset solutions to both institutional and retail clients, contributing to the flourishing of Singapore’s digital ecosystem.
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