The Monetary Authority of Singapore has officially granted Upbit, a South Korean cryptocurrency exchange, a Major Payment Institution (MPI) license.
This license allows Upbit to offer regulated digital payment token (DPT) services to its customers in Singapore.
In October of last year, the exchange received in-principle approval from the MAS, which allowed it to continue operating while waiting for full licensing.
Upbit is now among other crypto exchanges, such as Coinbase and Crypto.com, to have been issued the MPI license in Singapore.
In a blog post, Upbit stated that with the acquisition of the MPI license, the company is now able to expand its range of services.
In Singapore, cryptocurrencies are regulated under the Payment Services Act (PSA) of 2019, which classifies them as digital payment tokens.
