Upbit Achieves Full Crypto Exchange Licensing in Singapore

• Upbit Obtains Major Payment Institution License from Singapore's Monetary Authority
• Upbit Joins Other Crypto Exchanges with MPI License
• Cryptocurrency Regulation in Singapore
• Singapore's Central Bank Implements Rules to Discourage Crypto Speculation

Upbit Obtains Major Payment Institution License from Singapore's Monetary Authority

Upbit, a notable cryptocurrency exchange based in South Korea, has been officially granted a Major Payment Institution (MPI) license by Singapore's Monetary Authority (MAS). The licensing allows Upbit to provide regulated digital payment token (DPT) services to its client base in the Southeast Asian city state. The granting of the MPI license to Upbit comes after an in-principle approval from MAS in October of the previous year, which allowed the crypto exchange to continue its operations while waiting for full licensing.

Upbit Joins Other Crypto Exchanges with MPI License

The crypto exchange is among the latest to obtain the MPI license in the country, joining the ranks of other exchanges, including Crypto.com and Coinbase. In a recent statement, Upbit expressed its plan to diversify its services, leveraging on its newly acquired MPI license.

Cryptocurrency Regulation in Singapore

In 2019, Singapore implemented the Payment Services Act (PSA), which regulates cryptocurrencies as digital payment tokens. The island country has quickly established itself as a global leader in the crypto space, thanks to its well-defined legal and regulatory structure that provides clear guidelines for cryptocurrency firms.

Singapore's Central Bank Implements Rules to Discourage Crypto Speculation

Singapore's Central Bank has recently implemented regulations to discourage speculative investments in cryptocurrencies, while simultaneously easing investment qualifications. This move is seen as a step towards creating a safer and more regulated environment for crypto investments in the country.

Edited by Jonathan Stoker