South Korean cryptocurrency exchange Upbit has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
South Korean cryptocurrency exchange Upbit has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to offer regulated digital payment token (DPT) services.
Upbit had previously received in-principle approval from the MAS in October 2023, enabling it to continue operating while awaiting full licensing. The exchange is now among several other crypto platforms, including Coinbase and Crypto.com, that have obtained an MPI license in Singapore.
In a blog post, Upbit expressed that “this significant milestone marks a strategic achievement for our organisation, and we are eager to continue providing you with exceptional services under the regulatory framework set by the MAS.”
Singapore has established a reputation as a global leader in the cryptocurrency industry by implementing a clear legal and regulatory framework for crypto businesses under its Payment Services Act (PSA) of 2019. The country regulates cryptocurrencies as digital payment tokens under the PSA.
The MAS's licensing regime for crypto firms involves rigorous assessments of their anti-money laundering and counter-terrorism financing measures, as well as their cybersecurity practices. Obtaining an MPI license demonstrates Upbit's compliance with these regulatory requirements.
With the MPI license, Upbit can provide a wider range of crypto-related services to its clients in Singapore, including digital payment token exchange, custody, and remittance services. The license also enables Upbit to collaborate with local financial institutions and payment providers to offer innovative crypto-based solutions.
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