July 16, 2024
Upbit Secures Major Payment License in Singapore
Latest Cryptocurrency News

South Korea’s Upbit Granted MPI License by Singapore’s MAS

Upbit, a prominent South Korean cryptocurrency exchange, has achieved a significant milestone by officially securing a Major Payment Institution (MPI) license issued by the Monetary Authority of Singapore (MAS). This pivotal license now empowers Upbit to offer regulated digital payment token (DPT) services to its expanding clientele within the dynamic landscape of the Southeast Asian city-state of Singapore.

The process leading to this achievement began when Upbit obtained in-principle approval from MAS back in October of the preceding year. This provisional approval enabled Upbit to maintain its operations while diligently awaiting the coveted full license. Joining the ranks of esteemed industry peers such as Coinbase and Crypto.com, Upbit stands as the most recent recipient of the MPI license in Singapore, marking another milestone in its global presence.

Eager to expand its range of offerings and services, Upbit eagerly announced in a comprehensive blog post the acquisition of the MPI license. This development signifies a strategic move for Upbit, positioning the company to diversify its services and cater to the evolving needs of its clientele in Singapore’s burgeoning cryptocurrency market.

Singapore, known for its progressive approach to regulating cryptocurrencies, classifies these digital assets as digital payment tokens under the comprehensive Payment Services Act (PSA) enacted in 2019. This pioneering legislative framework has propelled Singapore into the limelight as a leading global hub for cryptocurrency activities. By providing a robust and transparent regulatory structure, Singapore has earned a reputation for fostering an environment where cryptocurrency firms operate within well-defined guidelines, ensuring clarity and security for all stakeholders involved in the digital economy.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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