SINGAPORE – Cryptocurrency exchange Upbit has been granted a full Singapore licence, paving the way for it to expand its digital asset business here.

The development comes three months after the firm said it had secured 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 grow 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.

The MAS has warned that crypto trading is volatile and unsuitable for retail investors.

The Singapore crypto firm 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 had about 80 employees, of whom about 20 are based in Singapore.

When asked, Mr Sondhi said the team is looking to fill roles in business development, customer service and compliance.

The group is also behind travel rule solution provider VerifyVASP, 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$133 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.