Upbit was founded in South Korea in 2017 and is currently the country’s largest crypto exchange by volume. Its Singapore entity was established in 2018 with the aim of expanding in the Southeast Asian market.
According to Upbit Singapore’s CEO Alex Kim, receiving in-principle approval from MAS is an important step forward as the company looks to put down roots and provide services to institutional investors in Singapore.
The exchange must now fulfill various licensing conditions set by MAS before it can be granted full approval. This includes having proper risk management controls, security measures, and anti-money laundering processes in place.
Azman Hamid, Head of Compliance at Upbit Singapore, said the in-principle nod demonstrates the company’s commitment to being fully compliant as it continues building up its business. He expressed confidence that Upbit will in time contribute to cementing Singapore’s status as a major global hub for cryptocurrency and blockchain innovation.
Industry observers say Upbit gaining a foothold in Singapore will allow it to tap into the city-state’s growing digital asset sector. The exchange will also benefit from the regulatory clarity offered by Singapore’s crypto licensing regime, something lacking in South Korea’s currently ambiguous rules for exchanges.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.