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South Korean crypto exchange Upbit has secured a full license in Singapore, enabling its digital asset business to expand in the region.
Upbit received final regulatory approval in Singapore with the exchange announcing it had secured a full license on Jan. 8.
The latest development is three months after the exchange announced it had received in-principle approval from the Monetary Authority of Singapore (MAS) for offering 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.” said Alex Kim, founder and CEO of Upbit Singapore
Notably, Upbit Singapore, established in 2018, serves a diverse clientele catering to retail and institutional participants.
The Singapore crypto firm has ties to one of South Korea’s largest exchanges, Upbit Korea, which was founded in 2017.
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As a key component of the digital asset group Upbit APAC, Upbit Singapore will operate alongside its sister exchanges in Indonesia and Thailand, all of which are regulated digital asset platforms.
In addition, Upbit APAC, through its subsidiaries such as VerifyVASP, will be playing an active role in supporting global initiatives for crypto adoption.
These initiatives aim to comply with travel rule recommendations, intensify anti-money laundering (AML) measures, and counter the financing of terrorism within the digital asset sector.
The announcement from Upbit also comes at a crucial time, coinciding with global investors’ anticipation of the U.S. Securities and Exchange Commission’s (SEC) potential approval of the first Spot Bitcoin ETF in the US this week.