SINGAPORE, Tuesday, January 16, 2024- South Korean cryptocurrency exchange Upbit has obtained a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), opening the door for expanded operations in the city-state. 1
The license, granted on Friday, January 19, 2024, empowers Upbit to offer regulated digital payment token (DPT) services to users in Singapore.
Upbit previously received an in-principle approval from the MAS in October 2023, allowing it to continue operating while awaiting final licensing. The full MPI license signifies the company’s successful compliance with Singapore’s stringent regulatory framework for cryptocurrency businesses.
Singapore has established itself as a global hub for digital asset innovation, attracting prominent international crypto firms like Coinbase and Circle.
The MAS’s measured approach to regulation, prioritizing investor protection and financial stability, has been credited with fostering a conducive environment for responsible crypto growth.
Upbit’s licensing comes amid continued regulatory scrutiny of the cryptocurrency industry worldwide. The collapse of FTX, a major crypto exchange, in November 2023 heightened concerns about market volatility and potential risks associated with digital assets.
However, Upbit’s entry into the Singapore market could further legitimize the sector and contribute to the development of robust trading platforms and security measures.
Analysts anticipate it will potentially challenge incumbents like Binance and Crypto.com for market share in the region.
