Upbit, a South Korean cryptocurrency exchange landscape, has successfully obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) for its local branch, Upbit Singapore.

The official declaration came on Jan. 8 via Upbit's official website.

What's Next?

Armed with the MPI license, Upbit Singapore will join the ranks of 15 other institutions with MPI status in Singapore, including well-known entities such as Ripple, Blockchain.com, Paxos, Coinbase, and Revolut.

MAS provided the exchange with initial in-principal approval in October 2023, and Upbit has been actively engaged in Singapore since 2018.

The MPI license grants institutions the authority to provide both cryptocurrency and fiat-related services to Singaporeans.

Entities possessing this license are exempt from the constraints of single transaction limits of 3 million Singaporean dollars ($2.2 million) and monthly limits of 6 million Singaporean dollars ($4.4 million).

MAS Effort

In November 2023, MAS introduced measures aimed at digital payment token service providers, discouraging speculative activities in cryptocurrency investments.

These providers are now restricted from offering financing, margin, or leveraged transactions, and from providing incentives for cryptocurrency trading.

Additionally, customers are barred from using credit cards for crypto purchases, and their cryptocurrency holdings do not contribute to their net worth as per banking institutions.

Up

Operated under the umbrella of the digital asset group Upbit Apac, Upbit Singapore manages regulated digital asset exchanges in Singapore, Indonesia, and Thailand. As of October, the group reported a workforce of about 80 employees, with around 20 based in Singapore.

The group is also associated with VerifyVASP, a Singapore-based travel rule solution provider. VerifyVASP is recognized globally as one of the leading travel rule solution providers, boasting a cumulative processing value exceeding US$100 billion (S$133 billion). The travel rule, endorsed by the Financial Action Task Force, mandates the exchange of customer information among financial institutions to combat money laundering and terrorism financing.