Upbit Secures MPI License for Crypto Expansion in Singapore

South Korean exchange Upbit has successfully acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This achievement paves the way for Upbit to expand its digital payment token (DPT) services within the vibrant Southeast Asian market.

The acquisition of the MPI license marks a milestone for Upbit, following its receipt of in-principle approval from MAS in October last year. This interim approval allowed Upbit to continue its operations while pursuing full licensing. The MPI license is a testament to Upbit’s compliance with the rigorous regulatory requirements set by MAS, ensuring a secure and regulated environment for its users.

With this licensure, Upbit joins other prominent cryptocurrency exchanges like Coinbase and Crypto.com, which have also secured the MPI license in Singapore. This places Upbit in a strong position within the competitive crypto market in Singapore, alongside its peers. In light of obtaining the MPI license, Upbit has expressed its readiness to broaden its range of offerings. The exchange’s blog post highlights its plans to leverage this opportunity to introduce more varied and comprehensive digital payment services to its clientele.

Singapore’s approach to regulating cryptocurrencies as digital payment tokens under its Payment Services Act (PSA) of 2019 has established the country as a leading hub for crypto activity. The PSA provides clear guidelines for cryptocurrency firms, contributing to Singapore’s reputation as a global center for crypto innovation and business.