Dunamu, which owns South Korea’s biggest cryptocurrency exchange Upbit, has formally declared the inauguration of Upbit Singapore. The exchange will become fully functional from October.
Alex Kim, CEO of Upbit Singapore, detailed that Singapore-based users will be free to trade all crypto currencies through integration with the Bittrex partner exchange. Furthermore, a 24/7 real-time security tracking and firewall arrangement for improved security is also provided.
Kim asserted that Dunamu ’s decision to expand to Singapore was encouraged by the pragmatic approach of the Monetary Authority of Singapore (MAS) towards cryptocurrency legislation and the foresight of the government to lay foundation for a strong crypto and blockchain sector.
Crypto operations in Singapore
Despite favorable framework conditions for crypto currency-related companies, Singapore has lagged behind Malta, South Korea, Switzerland, and Japan in terms of market growth for years. The market for crypto currency exchanges in Singapore, in particular, is struggling to realize a strong growth in trading volume.
According to Kim, Singapore has shown a friendly approach towards blockchain technology and crypto-currency-related businesses that allow Singapore-based crypto-currency exchanges to pursue different opportunities and projects in the blockchain sector.
Binance, the world’s largest cryptocurrency exchange, has also announced the launch of Binance Singapore earlier this week, integrating fiat pairings against the Singaporean dollar for the first time in the company’s history.
Since mid-2017, Upbit has supported the Fiat pairs against the Korean won on the local crypto currency market in South Korea.
The confidence of Upbit in integrating the Singaporean dollar demonstrates the availability of strong banking partners in the country that will be able to support the demand and interest towards cryptocurrencies.
Commenting on the launch, Kim said
“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.”
Reason for selecting Singapore
In an official statement, Dunamu Ceo Sigroo Lee explained that the company believes Singapore to be a bridge between Korea and the global cryptocurrency exchange market. There are various regulatory uncertainties surrounding the cryptographic market in South Korea and until the adoption of the country’s first crypto and blockchain legislation, analysts expect for late 2018, the uncertainties on the local market will not be clarified.
Nevertheless, Lee stressed that the company was confident that blockchain guidelines would be introduced in South Korea and that the Singapore government was open to crypto currencies.
Lee 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.”
