Upbit Secures Full Licensing for Crypto Operations in Singapore

Upbit, a South Korean crypto exchange, has obtained a Major Payment Institution (MPI) license from Singapore's Monetary Authority (MAS), marking a significant milestone for its expansion.

Upbit's Regulatory Triumph

Upbit's Strategic Move

Upbit strategically expands its offerings with the newly acquired MPI license, allowing the provision of regulated digital payment token (DPT) services in Singapore.

MAS Approval and Operational Continuity

Having secured in-principle approval from MAS in October last year, Upbit continued operations while awaiting the full licensing, demonstrating resilience in a dynamic regulatory landscape.

Singapore's Crypto Regulatory Framework

Leading in Regulation

Singapore, under the 2019 Payment Services Act, classifies cryptocurrencies as digital payment tokens. The nation's regulatory prowess establishes it as a global crypto hub, providing clear guidelines for crypto firms.

Transparent Guidelines

The island country's reputation as a crypto leader stems from its legal and regulatory structure, offering transparent guidelines on operations, reinforcing investor confidence.

Upbit Joins Peers

Upbit joins the ranks of major exchanges like Coinbase and Crypto.com, all holding the MPI license, solidifying Singapore's position in the crypto world.

Strategic Vision

In a blog post, Upbit expresses readiness to broaden its product range, emphasizing its strategic vision following the MPI license acquisition.

Upbit's full licensing in Singapore marks a regulatory triumph, aligning with the nation's commitment to transparent crypto regulations. However, challenges may arise as the crypto industry navigates evolving regulatory landscapes globally.

Closing Remark: While Upbit celebrates regulatory success, navigating future regulatory changes remains a concern for the crypto industry.