Doonamu, operator of the Upbit Exchange, will open its exchange in Singapore early in October.
The company said it picked Singapore as its first overseas operation because the island country is committed to fostering the blockchain industry as part of its move to become a global blockchain hub country. Doonamu plans to open its exchanges in cyber currency-friendly countries.
Singapore asks the cryptocurrency exchanges to abide by the “Know-Your-Customer” (KYU) and anti-money laundering (AML). Upbit said it had established a reporting system with the Singapore Monetary Authority against money laundering and terrorist funds.
The company official said Doonamu would create safe and convenient trading for its cryptocurrency Upbit in Singapore. It will trade not only Singapore dollars but also bitcoin, etherreum, and USDT. USDT is a cryptocurrency asset issued on the Bitcoin blockchain via the Omni Layer Protocol. Each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited and can be redeemed through the Tether Platform.
Doonamu CEO Lee Sirgoo indicated he had no choice but to move the Upbit exchange overseas due to the South Korean government’s harsh crackdown. “We cannot wait until the domestic market improves,” Lee said,”We will be behind global competition. He said the Singapore Upbit Exchange would play a role of linking the Korean market and the overseas market. He said the exchange’s core role is to work as a bridge
between the real economy and the cryptocurrency economy. Lee hopes that the government would establish rules and regulations on cryptocurrency so that South Korean operators would gain a global competitive edge.
During the launcing event through Oct. 5, investors signing to become members will get free currency exchange services for one month. Those who keeps upto 500 Singapore dollars, will get 500,000 ICX cryptocurrency.
