Upbit Secures Singapore's MPI License, Aims to Expand Crypto Services Locally
Summary:
South Korea's leading cryptocurrency exchange, Upbit, has secured a Major Payment Institution (MPI) license from Singapore's Monetary Authority. With this, Upbit aims to expand its services through its local branch, Upbit Singapore. Joining other MPI status holders like Ripple and Coinbase, the company will focus on institutional clientele and infrastructure projects in Singapore. The license allows them to offer crypto and fiat-related services without adhering to specific transaction limits. Recent regulations restrict digital payment services from offering speculative cryptocurrency investment options.
Securing a Major Payment Institution (MPI) license from Singapore's Monetary Authority (MAS), South Korea's leading cryptocurrency exchange, Upbit, set sights on expanding its local branch, Upbit Singapore. The announcement was made public on January 8 through Upbit's official online portal. This move will augment its service portfolio in the nation. It now aligns itself with 15 other entities that have achieved MPI status, such as Ripple, Blockchain.com, Paxos, Coinbase, and Revolut. The application was initially approved by the MAS in October 2023, considering the fact that Upbit has been operational in Singapore since 2018. According to Raks Sondhi, COO of Upbit Singapore, their primary focus would be on institutional clientele and infrastructure projects that serve the Singaporean market. The MPI license facilitates these institutions to render services related to both crypto and fiat to Singaporean customers. Such licensed corporations can execute payment services without adhering to single transaction limits of 3 million Singaporean dollars ($2.2 million) or monthly caps of 6 million Singaporean dollars ($4.4 million), implemented in October 2023. MAS introduced rules in November 2023 for businesses providing digital payment token services, in an effort to deter rampant speculation in cryptocurrency investments. Consequently, these platforms are restricted from offering financing, margin or leveraged transactions or any trading incentives for cryptocurrencies. Moreover, clients are prohibited from purchasing cryptocurrencies using credit cards, and banks are not to consider clients' crypto assets as part of their net worth calculations.
Published At
1/9/2024 12:23:43 PM
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