Upbit, a South Korean crypto exchange, has clinched a Major Payment Institution (MPI) license granted by the Monetary Authority of Singapore (MAS), giving it the green light to deliver regulated digital payment token (DPT) services.
Earlier in October 2023, Upbit had secured in-principle approval from MAS, allowing it to continue operations as it awaited the full license. It now joins the ranks of several other crypto platforms like Coinbase and Crypto.com, which also hold an MPI license in Singapore.
Expressing enthusiasm, Upbit highlighted this achievement as a strategic milestone, emphasizing its commitment to providing top-notch services within MAS’s regulatory framework.
Singapore has earned recognition as a leading force in the crypto sector, owing to its well-defined legal structure for crypto entities, established under the Payment Services Act (PSA) of 2019. The country categorizes cryptocurrencies as digital payment tokens within the PSA.
MAS’s stringent licensing process evaluates crypto firms on anti-money laundering, counter-terrorism financing measures, and cybersecurity practices. Upbit’s attainment of the MPI license attests to its compliance with these regulations.
With this license, Upbit gains the ability to expand its services in Singapore, offering a broader spectrum including token exchange, custody, and remittance. It also opens doors for collaborations with local financial institutions and payment providers, paving the way for innovative crypto solutions.
