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Cryptocurrency

Upbit Singapore receives in-principal license from MAS – Crypto News

Published

3 years ago

October 16, 2023

Dripp

South Korea-based Upbit cryptocurrency exchange’s Singapore unit said on Monday that it received an in-principal approval for the Monetary Authority of Singapore’s (MAS) major payment institution license.

Fast Facts

The in-principal approval allows Upbit to legally offer digital asset services in the country until the central bank gives its final approval.
Upbit is South Korea’s largest cryptocurrency exchange and is operated by one of the nation’s most valued startups, Dunamu.

Upbit Singapore’s in-principal license further expands Dunamu’s Asia Pacific presence. The exchange claims to have legal branches in Indonesia and Thailand.

Singapore’s major payment institution license permits institutions to offer payment services without adherence to the standard transaction volume. Typically, providers are constrained by a SG$3 million (US$2.2 million) limit for monthly transactions per service, and SG$6 million for multiple services, with a daily outstanding e-money cap of SG$5 million, according to the MAS.

Coinbase, the largest U.S. exchange, received a major payment institution license from Singapore’s central bank at the beginning of October, a year after it was awarded an in-principal approval. There are currently 15 fully licensed digital payment token service providers in Singapore, according to the central bank’s website.