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South Korea’s largest cryptocurrency exchange, UpBit, announced that it obtained a license from Singapore.
▪️ Song Chi-Hyung, one of South Korea’s leading businessmen, established Upbit, a crypto exchange, in 2017. Upbit, became one of the leading crypto exchange platforms by volume of transactions in 24 hours, approximately 2 months after it started operating.
▪️ Towards the end of 2018, the company had started to consolidate its presence in the Southeast Asian region. They first started operating in Singapore and then expanded their activities in Indonesia.
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▪️ UpBit, announced through a recent announcement that it obtained an MPI license in Singapore. It has not yet been approved on paper, but it was announced that UpBit would be able to provide the necessary services.
▪️ UpBit Singapore’s CEO Alex Kim, said after this news: “The approval we received is a strategic turning point to strengthen our leading position in the field of cryptocurrency technology in Singapore. With this success, Singapore, recognized as a global power center, is opening the doors to new capabilities for individual, corporate, and infrastructure-focused businesses.”
▪️ The cryptocurrency market is making significant progress worldwide despite various fluctuations in markets, events, and economic uncertainties.
▪️ Along with these good news, we can see that investors and companies have increased their interest in cryptocurrencies in order to diversify their portfolios and create an asset class that may appreciate in value in the future.
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