Link copied 
South Korean cryptocurrency exchange Upbit has successfully secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The MPI license empowers Upbit to offer regulated digital payment token (DPT) services to its clients in the vibrant Southeast Asian city-state.
In October of the preceding year, Upbit obtained in-principle approval from MAS, allowing it to sustain operations while eagerly awaiting the issuance of the complete licensing.
Upbit's Strategic Move
Upbit is positioning itself strategically in the digital finance realm by obtaining the MPI license. This move places the crypto exchange in the esteemed company of peers like Coinbase and Crypto.com, who have also acquired the MPI license in Singapore.
According to Coin Desk, Upbit expresses optimism about the future, emphasizing its readiness to diversify its offerings. The acquisition of the MPI license is not just a regulatory formality for Upbit but a strategic initiative that aligns with its expansion plans.
Singapore's Crypto Regulatory Framework
Singapore, known for its regulatory framework and forward-thinking approach to the cryptocurrency industry, regulates digital payment tokens under the Payment Services Act (PSA) enacted in 2019.
This regulatory clarity has transformed Singapore into a global crypto hub, attracting major players in the crypto space.
The emphasis on technological advancements, including tokenized assets and programmable money, sets Singapore apart as a leader in fostering innovation rather than merely speculating in cryptocurrencies.
Despite the heightened global scrutiny on cryptocurrencies following significant market events, exchanges like Upbit securing full licensing in jurisdictions with advanced regulatory frameworks showcase a positive trajectory for the industry.
According to Forkast News, this achievement reinforces the importance of compliance and adherence to regulatory standards, contributing to the overall legitimacy and stability of the cryptocurrency ecosystem.
Upbit's attainment of the MPI license in Singapore signifies regulatory approval, strategic positioning, and readiness for an expanded range of offerings in the crypto landscape.
Photo: Viktor Forgacs/Unsplash
