Upbit, a prominent South Korean cryptocurrency exchange, has successfully obtained its Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS), according to an announcement on Upbit’s official website on January 8.
With the newly acquired MPI license, Upbit Singapore aims to broaden its range of services within the country. Joining the ranks of 15 other institutions holding MPI status in Singapore, including prominent names like Ripple, Blockchain.com, Paxos, Coinbase, and Revolut, Upbit’s expansion plans follow its initial in-principle approval from MAS, which was disclosed in October 2023. The exchange has been operational in Singapore since 2018. During the initial announcement, Upbit Singapore COO Raks Sondhi outlined the company’s focus on “infrastructure projects in the institutional space and the Singapore market.”
This MPI license empowers institutions to deliver services linked to cryptocurrencies and fiat currencies to the local populace in Singapore. Entities granted this license are permitted to conduct payment services without facing constraints such as a single transaction limit of S$3 million (US$2.2 million) and a monthly transaction limit of S$6 million (US$4.4 million).
In November 2023, MAS outlined specific measures targeting digital payment token service providers to deter speculation in cryptocurrency investments. The regulations prohibit these service providers from offering financing, margin or leverage trading, or providing incentives for cryptocurrency trading. Moreover, customers are restricted from utilizing credit cards for purchasing cryptocurrencies, and financial institutions are not allowed to include cryptocurrency holdings when assessing an individual's net worth.
