Upbit, a South Korean cryptocurrency exchange, has successfully acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license empowers Upbit to offer regulated digital payment token (DPT) services in Singapore.
The journey toward this achievement began when Upbit received provisional approval from MAS in October 2023, enabling it to continue its operations while awaiting full licensing. Now, joining the ranks of platforms like Coinbase and Crypto.com, Upbit holds an MPI license in Singapore.
In a recent blog post, Upbit expressed its enthusiasm, deeming this milestone a strategic triumph for the organization. They are committed to providing exceptional services within the framework set by MAS.
Singapore has cemented its status as a cryptocurrency industry leader by establishing a well-defined legal and regulatory structure for crypto businesses through the Payment Services Act (PSA) of 2019. Under this act, cryptocurrencies are regulated as digital payment tokens.
MAS’s licensing process for crypto firms involves comprehensive evaluations of anti-money laundering measures, counter-terrorism financing practices, and cybersecurity protocols. Upbit’s acquisition of the MPI license showcases its adherence to these stringent regulatory standards.
This license expansion enables Upbit to offer an extended range of crypto services to its Singaporean clientele, including digital payment token exchange, custody, and remittance services. Additionally, it allows Upbit to collaborate with local financial institutions and payment service providers to introduce innovative crypto-based solutions.
