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Crypto Exchange Upbit Gets Full Licensing in Singapore

Upbit said it is "poised to expand [its] range of offerings," having acquired a MPI license.

By Jamie Crawley
AccessTimeIconJan 8, 2024 at 4:25 p.m. UTC
Updated Mar 8, 2024 at 7:29 p.m. UTC
Singapore, view of Marina Bay with Gardens By The Bay manmade trees in the background (SoleneC1/Pixabay)
Singapore (SoleneC1/Pixabay)
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South Korean cryptocurrency exchange Upbit has officially obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

The MPI license enables Upbit to provide regulated digital payment token (DPT) services to its clients in the Southeast Asian city state. Upbit acquired in-principle approval from the MAS in October last year, which enabled it to continue operating while awaiting full licensing.

The crypto exchange is the latest to get the MPI license in the country alongside some of its peers, such as Coinbase and Crypto.com.

Upbit said in a blog post that the company is "poised to expand [its] range of offerings," having acquired an MPI license.

Singapore regulates cryptocurrencies as digital payment tokens under its Payment Services Act (PSA) of 2019. The island country has won a reputation as a world-leading crypto hub by harnessing its legal and regulatory structure to provide clear guidelines on how cryptocurrency firms should operate.

Read More: Singapore Central Bank Rules to Discourage Crypto Speculation, Ease Investment Qualifications

Edited by Aoyon Ashraf.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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