Upbit Obtains MPI License in Singapore
Upbit, a South Korean cryptocurrency exchange, has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to expand its range of services and products in the region.
This acquisition, following an initial approval received in October last year, now enables Upbit to legally provide Digital Payment Tokens (DPT) services in Singapore.
Without this initial green light, Upbit would not have been able to continue its operations in the Southeast Asian island state.
Singapore: A Leader in Cryptocurrency Regulation
Singapore continues to strengthen its position as a global cryptocurrency hub thanks to its legal and regulatory framework.
In this region, cryptocurrencies are regulated as ‘Digital Payment Tokens’ under the Payment Services Act of 2019, providing clear guidelines for crypto businesses.
Upbit’s MPI license aligns with this regulatory approach, cementing Singapore’s status as a preferred location for cryptocurrency operations.