Upbit’s journey to securing the coveted Major Payment Institution (MPI) license in Singapore began with an in-principle approval from the Monetary Authority of Singapore (MAS) in October 2023. This strategic step allowed Upbit to continue operations while pursuing full licensing. Now, with the MPI license in hand, Upbit joins the ranks of esteemed crypto platforms such as Coinbase and Crypto.com, who have successfully navigated Singapore’s rigorous regulatory landscape to obtain similar licenses.
The significance of this milestone was eloquently expressed in Upbit’s blog post, stating,
“This significant milestone marks a strategic achievement for our organization, and we are eager to continue providing you with exceptional services under the regulatory framework set by the MAS.”
– Upbit blog
This statement reflects Upbit’s commitment to excellence and underscores the trust and confidence placed in Singapore’s robust regulatory framework.
Singapore’s proactive approach to establishing a transparent legal and regulatory framework for crypto businesses, as outlined in the Payment Services Act (PSA) of 2019, is commendable. The regulation of cryptocurrencies as digital payment tokens under the PSA has played a vital role in fostering a secure and reliable environment for crypto enterprises.
MAS’s stringent licensing requirements for crypto firms include thorough checks on anti-money laundering and counter-terrorism financing, along with the demonstration of robust cybersecurity practices. Upbit’s acquisition of the MPI license attests to its compliance with these rigorous standards, solidifying its position as a trustworthy and secure platform for crypto transactions.
Upbit, armed with the MPI license, is now poised to expand its range of crypto-related services in Singapore, including digital payment token exchange, custody, and remittance services. The license also opens avenues for innovative collaborations with local financial institutions and payment providers.
In a recent achievement, Upbit recorded a notable daily trading volume exceeding $8 billion, underscoring its growing influence and presence in the global crypto market.
