{"id":175052,"date":"2023-10-16T16:06:40","date_gmt":"2023-10-16T10:36:40","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=175052"},"modified":"2023-10-16T16:06:40","modified_gmt":"2023-10-16T10:36:40","slug":"upbit-singapore-receives-in-principal-license-from-mas-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/upbit-singapore-receives-in-principal-license-from-mas-crypto-news\/","title":{"rendered":"Upbit Singapore receives in-principal license from MAS &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>South Korea-based Upbit cryptocurrency exchange\u2019s Singapore unit said on Monday that it received an in-principal approval for the Monetary Authority of Singapore\u2019s (MAS) major payment institution license.\u00a0<\/p>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/weekly-market-wrap-bitcoin-falls-below-us27000-cpi-israeli-conflict\/\">Weekly Market Wrap: Bitcoin falls below US$27,000 following CPI and Israeli conflict<\/a><\/p>\n<h3 class=\"wp-block-heading\">Fast Facts<\/h3>\n<ul>\n<li>The in-principal approval allows Upbit to legally offer digital asset services in the country until the central bank gives its final approval.<\/li>\n<li>Upbit is South Korea\u2019s largest cryptocurrency exchange and is operated by one of the nation\u2019s most valued startups, Dunamu.\u00a0<\/li>\n<\/ul>\n<ul>\n<li>Upbit Singapore\u2019s in-principal license further expands Dunamu\u2019s Asia Pacific presence. The exchange claims to have legal branches in Indonesia and Thailand.\u00a0<\/li>\n<\/ul>\n<ul>\n<li>Singapore\u2019s 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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mas.gov.sg\/regulation\/payments\/licensing-for-payment-service-providers\">MAS<\/a>.<\/li>\n<\/ul>\n<ul>\n<li><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/coinbase-singapores-major-payment-institutions-license\/\">Coinbase<\/a>, the largest U.S. exchange, received a major payment institution license from Singapore\u2019s 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\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/eservices.mas.gov.sg\/fid\/institution?sector=Payments&amp;category=Major%20Payment%20Institution&amp;activity=Digital%20Payment%20Token%20Service&amp;page=2\">website<\/a>.\u00a0<\/li>\n<\/ul>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/video-audio\/alex-tapscott-web3-ai-bankings-new-dance\/\">Digital frontiers: Alex Tapscott on Web3, AI, and banking\u2019s new dance<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>South Korea-based Upbit cryptocurrency exchange\u2019s Singapore unit said on Monday that it received an in-principal approval for the Monetary Authority of Singapore\u2019s (MAS) major payment institution license.\u00a0 See related article: Weekly Market Wrap: Bitcoin falls below US$27,000 following CPI and Israeli conflict Fast Facts The in-principal approval allows Upbit to legally offer digital asset services [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":175053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-175052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=175052"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175052\/revisions"}],"predecessor-version":[{"id":175059,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175052\/revisions\/175059"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/175053"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=175052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=175052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=175052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}