Upbit Secures Full License in Singapore for Cryptocurrency Operations Expansion
Cryptocurrency exchange Upbit has successfully obtained a full license from the Monetary Authority of Singapore (MAS), allowing for a significant expansion of its digital asset business in the region.
This development follows Upbit’s earlier announcement of securing in-principle approval for digital token payment services in Singapore three months ago.
Strategic Expansion and Leadership Focus
Mr Raks Sondhi, the chief operating officer of Upbit Singapore, emphasized that the full license enables the exchange to grow its team, expand institutional services, and increase the variety of digital assets listed.
Upbit’s Presence in Singapore and Job Opportunities
Founded in Singapore in 2018, Upbit serves both retail and institutional clients.
Despite the warning from MAS about the volatility of crypto trading being unsuitable for retail investors, Upbit Singapore, part of the Upbit Apac digital asset group, is set for further growth, operating regulated exchanges in Singapore, Indonesia, and Thailand.
The group is actively hiring for various roles, including business development, customer service, and compliance.
Additionally, Upbit is associated with VerifyVASP, a prominent travel rule solution provider based in Singapore, known for processing over US$100 billion in accumulated value, aiming to prevent money laundering and terrorism financing through information exchange among financial institutions.