Korean exchange Upbit has been licensed as a major payment institution in Singapore

The platform intends to expand its range of offerings in the local market

09.01.2024 - 09:08

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What’s new? On January 8, Upbit, Korea’s largest exchange, received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The authorization allows the platform to provide regulated digital payment token (DPT) services to its customers in the city-state.

Information on Upbit’s website

What else is known? MAS granted Upbit an in-principle authorization (IPA) to obtain an MPI license in October 2023. This allowed Upbit Singapore to continue to provide regulated services using digital assets under the Payment Services Act 2019.

The company said the MPI license “reinforces our commitment to comply with rigorous regulatory standards, ensuring the utmost security for your transactions and funds. Upbit is also ready to offer new products and services to the local market.

Previously, blockchain explorer and crypto wallet service Blockchain com, crypto exchange Coinbase, and fintech company Ripple received full MPI licenses from MAS.

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At the end of Q3 last year, Upbit’s profits fell by 39,6% year-over-year to the $79 million mark. At the same time, in the first half of the year, the platform successfully repelled all hacking attempts, analysts recorded 159 061 such incidents.

In October, Upbit began offering staking of native tokens of the Polygon (MATIC) blockchain.

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