South Korean crypto exchange, Upbit, has secured a Major Payment Institution (MPI) license for its Singapore branch, Upbit Singapore, from the Monetary Authority of Singapore (MAS). The announcement was made on January 8. With this license, Upbit Singapore joins the ranks of 15 other institutions, including Ripple, Blockchain.com, Paxos, Coinbase, and Revolut, that hold MPI status.
Upbit Singapore plans to broaden its services in the country following the acquisition of the MPI license. The initial in-principal approval from the MAS was disclosed in October 2023, although the company has been operational in Singapore since 2018. Raks Sondhi, Upbit Singapore’s chief operating officer, stated that the company would concentrate on “the institutional segment and infrastructure projects” in the Singaporean market.
An MPI license permits institutions to offer crypto- and fiat-related services to Singaporeans. Licensed firms are allowed to carry out payment services without being subject to 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, the MAS implemented measures for digital payment token service providers to discourage speculation in cryptocurrency investments. These service providers are prohibited from offering financing, margin or leveraged transactions, or providing any incentives to trade in cryptocurrencies. Furthermore, customers are not permitted to use their credit cards to purchase crypto, and their crypto holdings will not be considered as part of their net worth by banking institutions.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Raks Sondhi, Daniele Servadei |
| Companies | Revolut, Coinbase, Ripple, Upbit, Paxos, Upbit Singapore, Monetary Authority of Singapore, Blockchain.com |
| Currencies | Singapore Dollar |
| Securities | None |
