Upbit Singapore Gets Major Payment License in Singapore

Upbit Singapore, a major crypto exchange announced on Jan 8 that they have received a key license from Singapore's financial authority. This license allows them to expand their services in Singapore.

The exchange now has a Major Payment Institution license, joining others like Ripple and Coinbase. This status lets them offer more crypto and fiat services in Singapore.

Upbit has been in Singapore since 2018, focusing on the institutional market and infrastructure projects. They first got approval in October 2023.

With this license, Upbit can handle bigger transactions without strict limits. It allows them to carry out higher single and monthly transaction values in Singaporean dollars.

Singapore's rules in November 2023 set limits for crypto service providers, aiming to reduce crypto investment speculation. These rules restrict credit card use for buying crypto and don't count crypto in net worth calculations.