Singapore’s Upbit Receives MPI License for DPT Services
Singapore continues to embrace digital innovation, as South Korean cryptocurrency exchange Upbit secures a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). With this license, Upbit can now offer regulated digital payment token (DPT) services, solidifying Singapore’s position as a global hub in the crypto sector.
Upbit’s Journey to Obtain the MPI License
Upbit received in-principle approval from MAS in October 2023, allowing them to continue operations while pursuing full licensing. Now that they have obtained the MPI license, Upbit joins the ranks of other elite crypto platforms like Coinbase and Crypto.com that have successfully navigated Singapore’s strict regulatory process.
“This significant milestone marks a strategic achievement for our organisation, and we are eager to continue providing you with exceptional services under the regulatory framework set by the MAS.”
Singapore’s Transparent Regulatory Framework for Crypto Businesses
Singapore has taken a proactive approach to establish a transparent legal and regulatory framework for crypto businesses under its Payment Services Act (PSA) of 2019. By regulating cryptocurrencies as digital payment tokens, Singapore has created a secure and reliable environment for crypto enterprises.
MAS’s licensing requirements for crypto firms are rigorous, including checks on anti-money laundering, counter-terrorism financing, and cybersecurity practices. Upbit obtaining the MPI license demonstrates their compliance with these standards and solidifies their reputation as a trustworthy platform for crypto transactions.
Expanding Services and Record Trade Volume
With the MPI license, Upbit can now offer a broader range of crypto-related services in Singapore, such as digital payment token exchange, custody, and remittance services. Additionally, the license opens doors for collaborations with local financial institutions and payment providers.
Last week, Upbit achieved a significant trading milestone with a daily volume of over $8 billion. This highlights their growing influence and presence in the global crypto market.
Hot Take: Singapore’s Balanced Approach to Crypto Regulation
Singapore’s approach to cryptocurrency regulation exemplifies a careful balance between encouraging innovation and maintaining security and compliance. By setting an example for other countries grappling with the complexities of crypto regulation, Singapore solidifies its position as a leader in the digital currency space.
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