The largest cryptocurrency exchange in South Korea, Upbit, have announced that their parent company, Dunamu are opening a similar exchange in Singapore, an exchange that is set to go live just next month.
“Upbit Singapore CEO Alex Kim explained in an official statement that local users in Singapore will be able to trade all of the cryptocurrencies integrated by partner exchange Bittrex with 24/7 real-time security monitoring and firewall system for enhanced security. Kim emphasized that Dunamu’s decision to expand to Singapore was encouraged by the positive approach of the Monetary Authority of Singapore (MAS) towards cryptocurrency regulation and the vision of the country’s government to establish a strong crypto and blockchain sector”.
Singapore are certainly in favour of cryptocurrencies, yet the market growth in the country is still relatively low compared to other similar nations. The introduction of an exchange on the scale of Upbit is sure to address some of the issues that are causing people in Singapore to shy away from cryptocurrency investment, therefore we hope that through Upbit Singapore, cryptocurrency adoption will become a far more realistic prospect in the coming months in Singapore specifically.
The Secret Behind Upbit’s Expansion
Of course, Upbit could have opened up operations in many other countries, Singapore however offers a lot of promise and is slowly becoming somewhat of a central hub for cryptocurrency and blockchain based businesses, even if investment figures in the country are low. Moreover, Upbit are facing very tight restrictions in South Korea, therefore a move was always on the cards anyway. According to CCN, the CEO of Dunamu, Singroo Lee has 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. We hope the blockchain regulatory guidelines will be established soon in Korea so that companies here can continue to grow their competitiveness.
With Upbit Singapore set to launch next month, it won’t be long before we see some new interest in cryptocurrency investment within Singapore, something that will in turn have a very positive impact on the markets within Asia.