Upbit, a prominent cryptocurrency exchange based in South Korea, has successfully obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) for its local branch, Upbit Singapore. This announcement was made on January 8 through Upbit’s official website.
With the MPI license in hand, Upbit Singapore has plans to expand its service offerings within the country. Upbit Singapore now joins a select group of 15 institutions with MPI status in Singapore, which includes well-known names like Ripple, Blockchain.com, Paxos, Coinbase, and Revolut. The initial in-principal approval from MAS was disclosed in October 2023, although Upbit has been operating in Singapore since 2018. Back then, Raks Sondhi, Upbit Singapore’s Chief Operating Officer, stated that the company’s focus in the Singaporean market would be on the institutional segment and infrastructure projects.
An MPI license grants institutions the authority to offer cryptocurrency and fiat-related services to the Singaporean populace. These licensed entities are permitted to conduct payment services without being restricted by single transaction limits of 3 million Singaporean dollars ($2.2 million) and monthly limits of 6 million Singaporean dollars ($4.4 million).
In November 2023, MAS implemented measures for digital payment token service providers to discourage speculative cryptocurrency investments. These providers are prohibited from offering financing, margin trading, or leveraged transactions, as well as from providing incentives for cryptocurrency trading. Additionally, customers are not allowed to use their credit cards for purchasing cryptocurrencies, and these holdings will not be considered as part of their net worth by banking institutions.
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