Coin Edition -
- Upbit receives an in-principle approval for a Major Payment Institution from Singapore.
- The license will allow the exchange to provide crypto payment services within the Singaporean market.
- Ripple previously secured the Major Payment Institution but won full approval four months later.
Upbit, a prominent South Korean crypto exchange, has secured one of the most sought-after regulatory clearances in the Asia Pacific (APAC). In particular, Upbit has been granted an in-principle approval (IPA) for a Major Payment Institution (MPI) from the Monetary Authority of Singapore (MAS).
Notably, this significant nod from MAS opens doors for Upbit to extend its offerings across a broad spectrum, including retail, institutional, and infrastructure-focused businesses. According to the official notification, the license will allow the exchange to provide crypto payment services within the Singaporean market.
Furthermore, Alex Kim, the founder and CEO of Upbit Singapore, affirmed that this approval marks a pivotal moment for the company, enabling it to deliver crypto services to a wide range of clientele. Kim remarked:
This approval from MAS is a strategic milestone for us to deepen our presence in Singapore, which is at the forefront of digital asset innovation. Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure-focused businesses.
It is worth noting that the in-principle approval for an MPI is an interim regulatory clearance to offer crypto services. The full license from MAS is contingent upon meeting specific conditions subsequent to the in-principle license.
Notably, the San Francisco-based crypto payment firm Ripple is one of the few businesses that has secured the Major Payment Institution clearance from the Central Bank of Singapore. However, Ripple has gone beyond IPA, as the firm received the full payment license early this month. The full approval came four months after Ripple acquired the interim license.
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