Danamu, the operator of South Korean crypto exchange Upbit, one of the largest crypto exchange in the world, plans to open a crypto exchange service in Singapore. The plan to launch a copy of Upbit was declared on Wednesday, Sept 19.
The newest exchange will have Alex Kim leading as the CEO of Organization. It will provide various benefits such as 24×7 real-time security monitoring, advanced user safety, highly secure mobile apps and ability to trade on the Bittrex, which is one of the biggest exchanges in the US.
Upbit Singapore will run two promotions for new users. Users who will complete the Know-Your-Customer (KYC) compliance requirement on or before Oct 5 don't have to pay fees for the first transaction in the Singapore dollar market. New users who submit SGD 500 or above in their accounts ahead of the official launch will be rewarded a total of 500,000 ICON (ICX) tokens.
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Why did Danamu opt for Singapore?
Danamu was very much amazed by the clear and solid goal of the Monetary Authority of Singapore (MAS) for transforming the entire city-state into a blockchain hub. The country's rules for doing business and constant support for an entrepreneurial activity were the main reason why Danamu opted for Singapore.
It is important for all the crypto exchanges in Singapore to properly follow KYC rules and conform with antimoney laundering (AML) and counter-financing of terrorism (CFT) rules as well. Upbit currently possesses a very solid track record in South Korea, provided that the government has made very strong rules to make crypto trading safe for users. The exchange will then form new policies to meet the requirement of Singapore and obey the AML and CFT laws to fulfill the MAS conditions designed for Stored Value Facility Holders.
Danamu to expand its services in Singapore
Danamu CEO, Sirgoo Lee said that this is the best time to expand its services globally. One of the main functions of the cryptocurrency exchange is to connect to the real economy to cryptocurrencies, and also thinks that this will help to create a bridge between Korea and global crypto market. He also hopes that the blockchain regulatory guidelines will be soon built in Korea, and these guidelines will help to raise competitiveness.
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Alex Kim, CEO of Upbit Singapore complimented about Singapore's infrastructure of blockchains by saying that, “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.”
Danamu was started way back in 2012, is one of the most popular fintech companies in South Korea. It also runs a stock trading platform, known as Kakao Stock.
