Upbit, one of South Korea’s largest cryptocurrency exchanges, has received a major payment institution license from the Monetary Authority of Singapore (MAS).
This license, formally granted to Upbit Singapore, will enable the exchange to offer regulated digital payment token services in the Lion City under the city-state’s Payment Services Act.
Prior to this full licensing, Upbit received in-principle approval from the Central Bank of Singapore in October last year, allowing it to continue operating while the full licensing process is underway. Upbit and 15 other crypto entities, including USDC stablecoin issuer Circle and the largest US exchange Coinbase, have obtained his MPI license for digital payment token services in Singapore.
Singapore has elevated its status as a global crypto hub by prioritizing technological advances such as tokenized assets and programmable money over “crypto speculation.” Hassan Ahmed, Coinbase’s Singapore country director, said its regulatory clarity is drawing some of the largest exchanges into the country. Forkast In a previous interview.
Since significant events such as the Terra-Luna crash and the FTX debacle, regulatory scrutiny of cryptocurrencies has increased globally. However, the ability for an exchange like Upbit to secure a full license in a jurisdiction with a sophisticated regulatory framework is a positive step forward for the industry.