South Korea based Dunamu Inc. the operator of Upbit, one of the largest cryptocurrency exchanges in the world, is planning to open a new digital asset exchange service in Singapore.The plan to build an Upbit was formally announced on 19th September. With this Alex Kim, CEO of Upbit Singapore Pte. Ltd. will lead the organization. The company is expected to offer similar benefits like Upbit like 24/7 real-time security monitoring, advanced mobile apps, enhanced user safety, and the ability to execute the trade on Bittrex which is one of the largest exchanges in the US.
The Singapore based Upbit will organize two promotions for new users. As per the company’s initial policy those who finish certain compliance requirement like, Know-Your-Customer (KYC) before Oct. 5, will receive their transaction fees abandoned completely in the company’s Singapore dollar market. All those users that are new who deposit SGD 500 or more in their accounts before the official introduction of the exchange will be awarded a total of 500,000 ICON (ICX) tokens.
The main reason to set up Crypto exchange in Singapore is the country’s crypto friendly policy in place. The Monetary Authority of Singapore (MAS) is on the verge of converting the city-state into a blockchain hub. With this, there are certain criteria that attract the investors from around the world are the country’s ease of doing business with an active support for the entrepreneurial activity.
On the laws and compliance front, Singapore laws allow cryptocurrency exchanges to operate in the country by following KYC norms and complying with anti-money laundering (AML) and counter-financing of terrorism (CFT) rules in place.
With the strong track record in South Korea, the exchange will further enhance its internal policies to meet Singaporean requirements and comply with the AML and CFT laws in order to satisfy the MAS conditions designed especially for Stored Value Facility Holders and users.
Amid this, Dunamu CEO Sirgoo Lee said in his statement that it is the right time to expand out of the South Korean market and help create a bridge between the global crypto market and Upbit’s homeland. He also hoped that future regulatory guidelines in South Korea would help increase competitiveness in the space.
With this, Alex Kim, CEO Upbit Singapore appraised Singapore’s infrastructure saying that the country is quite apt for setting up blockchain based projects. He further said in his statement that “Singapore has openly embraced blockchain technology and related businesses, so we believe operating an exchange here will naturally lead to great opportunities for us to pursue other projects in the blockchain sphere.”
Further, he profusely said that “we are confident Upbit’s secure and convenient exchange service, combined with the ability to trade in Singapore dollars, as well Bitcoin, Ethereum, and USDT via Bittrex support will allow us to attract users and establish Upbit’s presence in the global market.”
Let us not forget that the Danamu was set up in 2012 which is one of South Korea’s renowned fintech companies that runs a stock trading platform besides Upbit!!