Like Ripple, Upbit Secures Crypto Business Approval From Singapore

• 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 fo…

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