Singapore's Upbit receives preliminary approval from the Monetary Authority of Singapore to continue its cryptocurrency payment services.
The Monetary Authority of Singapore (MAS) has granted preliminary approval for the Major Payment Institution (MPI) license to the Singapore branch of the popular South Korean exchange Upbit. This will allow the exchange to offer digital payment token services regulated under the Payments Services Act (PSA) 2019 while awaiting full approval.
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What can MPI do?
Under the major payment institution (MPI) license, operators can conduct various payment services without the following transaction amount or liquid capital threshold limitations:
1. The monthly transaction amount for any payment service, excluding e-money account issuance and redemption services, shall not exceed SGD 3 million.
2. The monthly transaction amount for two or more payment services, excluding e-money account issuance and redemption services, shall not exceed SGD 6 million.
3. The outstanding e-money balance per day shall not exceed SGD 5 million.
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