Upbit Receives In-Principle Approval from Singapore Regulator
South Korean cryptocurrency exchange Upbit has been granted an in-principle approval (IPA) by the Monetary Authority of Singapore, the country’s regulator. This IPA allows Upbit to offer regulated digital payment token services in Singapore while awaiting its full operating license. Upbit will join the group of regulated digital asset exchanges operated under Upbit APAC following these approvals.
Upbit, launched in 2017 by South Korean fintech company Dunamu and US-based crypto exchange Bittrex, is now the largest crypto exchange in South Korea and one of the top exchanges globally in terms of trading volume and customer base.
Singapore’s Growing Crypto Scene
Singapore has become a prominent cryptocurrency hub in Asia, actively promoting the adoption of cryptocurrencies and blockchain technology. The Monetary Authority of Singapore has implemented a three-year plan to foster the growth of the crypto and fintech ecosystem.
Despite some regulatory concerns, Singapore maintains a relatively open approach towards cryptocurrencies. While evaluating the sector, the regulatory body encourages investor vigilance to prevent scams and counterfeit schemes. With its liberal crypto outlook, strict regulations, and financial credibility, Singapore is an attractive destination for crypto ventures and enthusiasts.
The city-state has experienced significant cryptocurrency activity since September 2017, earning recognition as one of the fastest-growing crypto cities worldwide. It has also established various incubators and venture funds focused on cryptocurrency investments, further enhancing its reputation as a crypto-friendly location.
Hot Take: Upbit Expands its Reach with Singapore Approval
Upbit’s in-principle approval from the Monetary Authority of Singapore marks a significant milestone for the South Korean exchange. This move allows Upbit to provide regulated digital payment token services in Singapore, strengthening its presence in the Asian market. With Singapore’s reputation as a crypto-friendly hub, this approval opens up new opportunities for Upbit to expand its customer base and increase trading volume.
Singapore’s proactive approach to fostering the growth of the crypto and fintech ecosystem makes it an attractive destination for cryptocurrency ventures. The country’s blend of liberal crypto policies, stringent regulations, and financial credibility creates a conducive environment for innovation and investment. As Upbit joins the group of regulated digital asset exchanges in Singapore, it further solidifies the city-state’s position as a leading player in the global cryptocurrency landscape.
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