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 create an Upbit counterpart was announced on Wednesday, Sept. 19. Upbit Singapore Pte. Ltd. will have Alex Kim leading the organization as CEO. It will offer similar benefits like Upbit, along with 24/7 real-time security monitoring, enhanced user safety, advanced mobile apps and the ability to trade on Bittrex, one of the largest exchanges in the US.
Upbit Singapore will run two promotions for new users. Users who complete the Know-Your-Customer (KYC) compliance requirement on or before Oct. 5 will get their transaction fees waived off in the company’s Singapore dollar market. New users who deposit SGD 500 or more in their accounts before the official launch will be awarded a total of 500,000 ICON (ICX) tokens.
Why Did Dunamu Choose Singapore?
Dunamu was impressed by the clear and strong vision of the Monetary Authority of Singapore (MAS) for converting the city-state into a blockchain hub. The country’s ease of doing business and its active support for entrepreneurial activity were some other reasons why the operator chose Singapore as its next stop for global expansion.
The Singapore law mandates cryptocurrency exchanges operating in the country to duly follow KYC norms and comply with antimoney laundering (AML) and counter-financing of terrorism (CFT) rules as well. Upbit already has a strong track record in South Korea, given the government’s stringent rules on making crypto trading safe for users via similar requirements. The exchange will further enhance its internal policies to meet Singaporean requirements and comply with the AML and CFT laws to satisfy the MAS conditions designed for Stored Value Facility Holders.
A New Addition to the Dunamu Portfolio
Dunamu CEO Sirgoo Lee said 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.
Upbit Singapore CEO Alex Kim praised the Singapore’s infrastructure for blockchains, saying:
“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.”
Claiming that the city-state will help Dunamu establish a global presence and diversify its business, he added:
“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.”
Dunamu, established in 2012, is one of South Korea’s leading fintech companies. Apart from Upbit, it also runs a stock trading platform, Kakao Stock.
Dunamu to Open a Cryptocurrency Exchange in Singapore was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.