PR Newswire
16 Oct 2023, 02:05 GMT+10
![]() |
SINGAPORE, Oct. 16, 2023 /PRNewswire/ -- Today, 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) licence 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 licence.
"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" said Alex Kim, founder and CEO of Upbit Singapore.
The MAS sets a high regulatory standard for the digital asset industry, cultivating sustainable innovation. With an inclusive collaboration between the regulator and businesses, Singapore is globally reputed for promoting innovation as well as maintaining a steadfast commitment to consumer protection, making it the top location for committed innovators.
"We are incredibly proud to receive the IPA from MAS, a globally renowned financial regulator. This approval reflects our unwavering commitment to building trusted digital asset businesses in Singapore. Through engaging collaboration with the regulator, businesses and communities, we will contribute to further establish Singapore as the leading hub for the next generation of financial businesses" said Azman Hamid, Chief Compliance Officer of Upbit Singapore.
Following the grant of the MPI licence from the MAS, Upbit Singapore will join the group of regulated digital asset exchanges operated under Upbit APAC. Upbit APAC, a prominent global digital asset group, includes regulated digital asset exchanges in Indonesia and Thailand, and VerifyVASP, a leading Travel Rule solution provider. Upbit APAC will accelerate its expansion towards global, institutional, and infrastructure focused businesses, empowering committed builders.
About Upbit Singapore:
Upbit Singapore Pte. Ltd. is a wholly owned subsidiary of Upbit APAC Pte. Ltd. (Upbit APAC). As the holding company, Upbit APAC operates Upbit Exchange (Thailand) Co., Ltd., a regulated digital asset exchange and broker under Thailand SEC, PT. Upbit Exchange Indonesia, a regulated digital asset exchange under Indonesia BAPPEBTI, and VerifyVASP Pte. Ltd., the world's largest Travel Rule solution provider for digital assets.
Get a daily dose of Sydney Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sydney Sun.
More InformationWASHINGTON D.C.: A U.S. auto safety regulator said this week it is opening an investigation into 73,000 Chevrolet Volt plug-in ...
NEW YORK: This week, a New York judge approved legal settlements to end lawsuits that halted the state's legal cannabis ...
NEW YORK, New York - U.S. stocks spent most of Tuesday meandering, with the major indices closing out the day ...
DEARBORN, Michigan: This week, Ford said a six-week United Auto Workers (UAW) strike cut its sales by some 100,000 vehicles ...
WASHINGTON D.C.: This week, the Biden administration adopted a new rule aimed at reducing methane emissions, which targets the role ...
AUSTIN, Texas: During an event held this week in Austin, Texas, Tesla CEO Elon Musk said the electric vehicle (EV) ...
CHICAGO, Illinois: As winter sets in and with cold weather just around the corner, Chicago is struggling to house hundreds ...
BOLOGNA, Italy: Due to fears of a collapse, local officials have secured the area around one of two 12th century ...
MUNICH, Germany: The heavy snow and icy conditions that hit Bavaria, Germany, canceled flights and long-distance trains out of Munich, ...
RALEIGH, North Carolina: After a decade of discussions and hesitations, North Carolina has expanded Medicaid coverage by offering government-funded health ...
The U.S. has supplied Israel with scores of BLU-109 bunker-buster bombs since October 7, the Wall Street Journal has reported, ...
WASHINGTON D.C.: This week, the Biden administration announced a proposal by the Environmental Protection Agency (EPA) that would require U.S. ...