South Korean cryptocurrency exchange Upbit has officially obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS)

Enabling the platform to provide regulated digital payment token (DPT) services to its clients in the Southeast Asian city-state.

This development marks the latest milestone in Upbit's expansion journey, which began with in-principle approval from the MAS in October last year.



Key-point:

• Upbit's acquisition of the MPI license follows closely behind its peers, such as Coinbase and Crypto.com, which have also obtained similar licenses in recent times. This demonstrates the growing popularity of Singapore as a hub for crypto exchanges and the increasing demand for regulated DPT services in the region.

MPI license

The acquisition of the MPI license is a significant achievement for Upbit, as it highlights the company's commitment to compliance and regulatory standards. This bodes well for the platform's future growth and development, as it continues to expand its offerings and deepen its roots in the Southeast Asian market.

Significant Development in the World of Cryptocurrency

Upbit's obtainment of the MPI license in Singapore is a significant development in the world of cryptocurrency. As the crypto market continues to evolve, it is essential for exchanges to adhere to strict regulations and guidelines to ensure a secure and stable environment for trading.

Upbit's achievement serves as a model for other exchanges looking to expand their operations in the region and establish a strong presence in the rapidly growing Southeast Asian market.

References:

Crawley, J. (2024, January 8). Crypto Exchange Upbit Gets Full Licensing in Singapore. Retrieved from https://www.coindesk.com/policy/2024/01/08/crypto-exchange-upbit-gets-full-licensing-in-singapore/

Arthur, V. (2024, January 2). Upbit Exchange Review (2024): Supported Countries,Trading Fees & More. Retrieved from https://coinwire.com/upbit-exchange-review/

D. (n.d.). Upbit. Retrieved from https://sg.upbit.com/home

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