Crypto exchange Upbit gets full Singapore licence

SINGAPORE - Cryptocurrency exchange Upbit has been granted a full Singapore licence that would pave the way for it to expand its digital asset business here. The development comes three months after the firm said it secured an in-principle approval to offer digital token payment services in Singapore from the Monetary Authority of Singapore (MAS). Mr Raks Sondhi, chief operating officer of Upbit Singapore, said the full licence will allow the exchange to continue to build out the team, expand its institutional business offering and increase the number of digital assets it lists. Set up in Singapore in 2018, the exchange serves both retail and institutional clients. MAS has warned that crypto trading is volatile and unsuitable for retail investors. The Singapore entity has ties to one of South Korea’s largest exchanges, Upbit Korea, which was founded in 2017. Upbit Singapore is part of digital asset group Upbit APAC, which operates regulated digital asset exchanges in Singapore, Indonesia and Thailand. In October, the group said it has about 80 employees, of whom about 20 are based in Singapore. The group also is behind travel rule solution provider VerifyVASP, which is a Singapore entity. VerifyVASP is among the largest travel rule solution providers in the world, with an accumulated processing value exceeding US$100 billion (S$136 billion). The travel rule refers to the recommendation by the Financial Action Task Force, a global body, that financial institutions exchange customer information with counterparties in order to prevent money laundering and terrorism financing.