- Upbit, a South Korean cryptocurrency exchange, has obtained a Major Payment Institution (MPI) license from Singapore’s central bank.
- The license allows Upbit to offer regulated digital payment token services in Singapore as it expands in Southeast Asia.
- With the regulatory approval, Upbit joins other licensed exchanges like Coinbase in Singapore’s growing crypto hub.
South Korean cryptocurrency exchange Upbit has officially obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This is a significant milestone for Upbit as it continues expanding its presence in the Southeast Asian market.
Upbit Gains Ability to Offer Regulated Services
The MPI license enables Upbit to provide regulated digital payment token (DPT) services to its clients in Singapore. Upbit acquired in-principle approval from the MAS in October last year, which allowed it to operate while awaiting full licensing.
The crypto exchange is the latest to receive the MPI license in Singapore, joining peers such as Coinbase and Crypto.com.
Upbit Expands Offerings in Key Crypto Hub
In a blog post, Upbit said it is now “poised to expand its range of offerings” after securing the MPI license.
Singapore has emerged as a global crypto hub by providing clear regulatory guidelines under its Payment Services Act. The island country is harnessing its legal structure to give cryptocurrency firms a transparent framework to operate within.
Upbit Joins Growing Ranks of Licensed Exchanges
The exchange is part of a growing list of licensed crypto trading platforms in Singapore. The regulatory approval enables Upbit to offer expanded services to clients as the Southeast Asian city-state cements its position as a crypto and blockchain hub.
With the MPI license secured, Upbit is well positioned to capitalize on surging interest in digital assets across the Asia-Pacific region.
