Upbit Receives Full License in Singapore
South Korean cryptocurrency exchange Upbit has obtained a full license in Singapore, allowing it to expand its digital asset business in the region. The exchange received final regulatory approval on Jan. 8, three months after receiving in-principle approval from the Monetary Authority of Singapore (MAS) for digital token payment services.
“This license marks an important step for us to serve institutional and retail clients with cutting-edge digital asset solutions contributing to Singapore’s thriving digital ecosystem.”
– Alex Kim, founder and CEO of Upbit Singapore
Ties to Upbit Korea and Upbit APAC
Upbit Singapore, established in 2018, caters to a diverse clientele including retail and institutional participants. It is affiliated with Upbit Korea, one of South Korea’s largest exchanges founded in 2017. As part of the Upbit APAC digital asset group, Upbit Singapore operates alongside regulated digital asset platforms in Indonesia and Thailand.
Supporting Global Crypto Initiatives
Upbit APAC and its subsidiaries, such as VerifyVASP, are actively involved in supporting global initiatives for cryptocurrency adoption. These initiatives focus on complying with travel rule recommendations, strengthening anti-money laundering measures, and combating the financing of terrorism within the digital asset sector.
Timing with U.S. SEC Bitcoin ETF Decision
The announcement from Upbit coincides with the anticipation among global investors regarding the potential approval of the first Spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) this week.
Hot Take: Upbit Expands Reach with Singapore License
Obtaining a full license in Singapore is a significant milestone for Upbit, as it allows the exchange to serve both institutional and retail clients in the thriving digital ecosystem of Singapore. With its ties to Upbit Korea and its presence in other regulated Asian markets, Upbit Singapore is well-positioned to expand its digital asset business further. Additionally, the active involvement of Upbit APAC and its subsidiaries in supporting global crypto initiatives highlights the exchange’s commitment to compliance and industry development. The timing of this announcement aligns with the excitement surrounding the potential approval of a Bitcoin ETF by the U.S. SEC, indicating a positive sentiment towards cryptocurrency adoption and regulation.
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