Upbit Singapore has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This is a significant development for the cryptocurrency industry in Singapore, as it shows that the MAS is supportive of the industry and is committed to providing a clear and transparent regulatory framework for cryptocurrency businesses. The MPI license is the highest tier of license issued by the MAS to payment service providers and allows licensees to conduct a wide range of payment activities, including providing digital payment token services.