A Launching Pad into Global Market
Dunamu Inc., a Korean company that operates the Upbit crypto-asset exchange, announced on Sept 19 the launch of a new exchange in Singapore.
Upbit Singapore Pte. Ltd., headed by CEO Alex Kim, will operate the exchange, which will offer the same user benefits that made Upbit a globally renowned crypto-asset exchange. Among the many benefits, key features include the ability to trade the latest crypto-assets from Bittrex, a premier U.S.-based exchange, 24/7 real-time security monitoring, a firewall system for enhanced security, and a fast and user-friendly mobile app.
Dunamu selected Singapore as its launching pad into the global market in view of Monetary Authority of Singapore’s (MAS) strong vision to establish Singapore as a blockchain hub and the country’s active support for the relevant industries.
Under Singapore law, any cryptocurrency exchange operating in the country must include Know-Your-Customer (KYC) procedures and comply with anti-money laundering (AML) and counter financing of terrorism (CFT) requirements. Upbit, which has a successful track record in Korea, will extend its stringent internal policies to meet Singapore’s compliance standards and will also implement the anti-money laundering and combating financing of terrorism framework that satisfies the MAS’s requirement for stored value facility holders.
“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. It will also provide us with a strong starting point in diversifying our business and becoming more competitive globally,” said Alex Kim. 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.”
Sirgoo Lee, CEO of Dunamu said, “We felt the timing was right to expand globally despite various uncertainties surrounding the Korean market. One of the key functions of a crypto-asset exchange is to connect the real economy to cryptocurrencies, and we believe we can provide this bridge between Korea and the global market.” Lee also stated, “We hope the blockchain regulatory guidelines will be established soon in Korea so that companies here can continue to grow their competitiveness.”
To celebrate the opening of the exchange, Upbit Singapore will offer two special promotions for new users. For 30 days following the official launch, users that register and complete the Know-Your-Customer process by October 5 will have their trading fees waived for all transactions in Upbit’s SGD market.
In addition, a total of 500,000 ICON tokens (ICX) will be awarded to all new users that deposit SGD 500 or more into their Upbit account prior to the official launch; SGD deposits and withdrawals on Upbit require residential address verification to be eligible. The tokens will be distributed equally to all eligible users within seven days of the launch.