Upbit, a cryptocurrency exchange, successfully obtains a comprehensive operational 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 from the Monetary Authority of Singapore (MAS) on January 8th. This comes three months after Upbit announced that it had received in-principle approval from MAS for its digital token payment services. Upbit Singapore, which was established in 2018, serves a diverse range of clients including retail and institutional participants. The exchange is connected to Upbit Korea, one of South Korea’s largest exchanges, which was founded in 2017.
Upbit Singapore is part of the Upbit APAC digital asset group, along with its sister exchanges in Indonesia and Thailand. All of these platforms are regulated digital asset platforms. Upbit APAC, including its subsidiaries such as VerifyVASP, will actively support global initiatives for cryptocurrency adoption. These initiatives aim to comply with travel rule recommendations, strengthen anti-money laundering measures, and combat terrorist financing in the digital asset sector.
The announcement from Upbit is particularly significant as it coincides with global investors’ anticipation of the potential approval of the first Spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) this week.
