UpBit, a South Korean crypto exchange gets full licensing in Singapore. Earlier this week, the crypto exchange procured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Singapore provides the MPI license to regulated digital payment tokens (DPT) and UpBit has secured the license. UpBit has over 180 crypto coins and 300 trading pairs on its platform.
At press time, the exchange had over $4.2 billion in 24-hour trading volume making it the largest crypto exchange in South Korea. Having acquired the license and approval from the MAS it would be easier to operate in Singapore.
Coinbase and crypto.com are other exchanges that have previously secured the MPI license from Singaporean authorities.
The company in a blog post stated “poised to expand its range of offerings in the country” after procuring the MPI license.
Crypto companies from around the world are moving to Dubai and Singapore as they have clarity and certainty around regulations.
Also read: Indian crypto companies moving to Dubai due to uncertain crypto regulation.
In 2019, the Southeast Asian country regulated digital payment tokens under the Payment Services Act (PSA).
The country has become a world leader as a crypto hub and thousands of crypto and web3 companies are registered in this island nation. Its clear legal and regulatory guidelines make it clear on how digital payments companies need to operate.