Upbit Singapore, a subsidiary of South Korea’s biggest cryptocurrency exchange Upbit, has received an in-principle approval for a Major Payments Institution license from Singaporean authorities. The license approval brings Upbit Singapore a step closer to becoming a regulated digital asset exchange operator in the country. The Monetary Authority of Singapore has already granted similar licenses to several other leading cryptocurrency firms, including Coinbase, Ripple, Sygnum Bank, and GSR. The approval marks a further advance towards the growth and development of Singapore’s digital asset industry.