According to Foresight News, ChainUp's subsidiary, ChainUp Cryptsafe Pte. Ltd., has received an exemption from the Monetary Authority of Singapore (MAS), allowing it to provide digital asset custody services in Singapore. This development marks a significant milestone for the company as it joins the ranks of approved institutions authorized to offer such services in the region.
ChainUp Cryptsafe Pte. Ltd. is a subsidiary of ChainUp, a blockchain technology service provider. The company is dedicated to delivering comprehensive custody solutions to global digital asset exchanges, wallets, and financial institutions. Achieving the MAS exemption status indicates that ChainUp Cryptsafe has successfully met the stringent regulatory requirements set by MAS, particularly in areas such as business operations and risk management.
This approval underscores the company's commitment to adhering to regulatory standards and enhancing its service offerings in the digital asset space. By securing this exemption, ChainUp Cryptsafe is positioned to expand its presence in the digital asset custody market, providing secure and reliable services to its clients. The recognition by MAS not only validates the company's operational capabilities but also strengthens its reputation as a trusted provider in the industry.