Bitcoin Forum

Upbit South Korean biggest exchange just got approved in Singapore from the Monetary Authority. At the Beginning of the October another big exchange got approved in Singapore about 2nd of October By the Monetary Authority. Which i have already covered....>>>CoinBase approved in Singapore (https://bitcointalk.org/index.php?topic=5468909.msg62934500#msg62934500.html)

Well, Upbit main purpose to offer the digital payment token Like bitcoin BTC or any other digital assets "According to the company statement"
source  (https://cryptodaily.co.uk/2023/10/upbit-receives-preliminary-approval-from-singapore-regulator.html)

Does it mean Singapore is friendly to cryptocurrency? Is there a chance Bitcoin can be legalised there? Nevertheless these approvals are good news for us in the Bitcoin community... my question is just to gauge the level of Bitcoin penetration there.

Singapore is indeed crypto-friendly. Even several companies (https://golden.com/query/cryptocurrency-companies-in-singapore-EP88), including well-known exchanges, are based there. But that's not big news at all, the country has a low population  (maybe less population than my city). I doubt this approval will increase the user count statistics significantly.

You may need to modify the source of the news because I found the linked article deleted.
I am surprised by the description of Bitcoin as a digital token. Is it related to the regulatory nature in Singapore, or is it a mistake on your part because Bitcoin is usually described as a cryptocurrency or a digital asset and not a token, which is banned in some countries?

Good news for Singapore, at least Upbit is a well-known service.

As far as I know, yes, Singapore is crypto-friendly; they have exchanges that have crypto trading. I'm just not familiar with what exchange there is in Singapore. And if that news is true and can be implemented, it will be a good innovation for the country of Singapore.

That's another cryptocurrency adoption. Of course, I have friends and relatives in Singapore; if that ever happens, they can use that exchange if they send it to our country.

It depends on what you mean by legalized. If it is related to using Bitcoin to pay for goods or services, I guess that already happened. I remember reading some news about Singaporean business owners accepting BTC as a payment method. Some services that I use and based in Singapore also allowed their customer to pay with crypto years ago. Not really surprising considering how aggressive they are with modern technology and business, since that is one of the ways to make money for their resident.

If I'm not mistaken, Singapore is indeed a friendly country. The growth of it's economy could be attributed to the young IT professionals and consider as one of the hubs not just in Asia, but in the world, although we all know that if a country experience so much growth in the last 20 years, their laws are going to be strict.

Also in the ICO boom in 2017-2018, I also remember that Singapore is one destination for those project and make it their headquarters. Not sure though if the government is going to legalized BTC. But if they continue to be bitcoin friendly and accepting crypto exchange, then it's going to be good news for their young population.


https://cointelegraph.com/learn/an-overview-of-the-cryptocurrency-regulations-in-singapore-and-thailand

Hi there! Hope You doing well. Your Questions is sounds well buddy. Well, Most population of the Singapore  people is well educated about Cryptocurrency which means it is cryptocurrency friendly country.

This is good news for the people of Singapore as upbit is the largest exchange of South Korea Although we know the News are publish publicly means anyone  can read these news no matter where he/she belongs too right? and those countries who don't believe in Bitcoin and exchanges kinda things may be able to believe by reading these kind of news. Like the news if Singapore is Allowing these exchanges to be execute in their country then there may be chance of other countries Taking interest in this field of cryptocurrency.

Well, i think these kind of news put some kinda impression on the market maybe late because it's obvious these things take time to be executed. Now, i know many of here will say market also relay on many other factors like demand and supply, CIP data and any other factors involve in it, I do agree with all of them but i am just sharing a little fact.   

Hmm, buddy thanks for mentioning this mistake, i actually i just noticed it as maybe the news is removed or deleted website so i am putting another source here. Many Thanks!
Edited source news (https://www.straitstimes.com/business/south-korean-crypto-exchange-upbit-gets-singapore-regulator-s-nod#:~:text=Upbit%20Singapore%20on%20Monday%20said,Act%2C%20which%20governs%20crypto%20players..html)

In my view.. No, Bitcoin adoption will bring pressure on other anti-Bitcoin countries pressure. Regulation is another thing, and Bitcoin regulation is another, They are most likely pro CBDC.

There is no correlation with other countries, their policies are their responsibility. Singapore doesn't have a large population who could easily monitor even the smallest activities. You wouldn't expect that to be done within a policy framework in a country with a dense population like India or China.

Singapore is blockchain hotspot in asia so they are indeed crypto friendly. Even huge exchange choose to operate in there to have a friendly regulator compared to other country. Bitcoin is not illegal in there as well as other cryptocurrencies in general. So anyone can trade crypto on Singapore without any problem since they are already adapting on Blockchain technology.

If by means of Bitcoin being legal is a legal tender, I would say that this is a difficult matter which is very hard to implement on a country that is not under dictatorship or one ruler.

According from the article linked, it's only an in-principle approval and not a full license type of approval yet-- different from what CB had.


I would note it so it's not misleading. Nevertheless, it's still a good news for Upbit SG

Yup, Singapore is certainly one of the crypto friendly countries. As a matter of fact, it's not just Upbit that got approval and license there. A competitor in exchange business and not just a simple one but a major player, Coinbase just got approved there as well.

Coinbase obtains Major Payment Institution licence from the Monetary Authority of Singapore (https://www.coinbase.com/blog/coinbase-obtains-major-payment-institution-licence-from-the-monetary)

So, these are like go signals for other crypto exchanges to take them and have their approvals and license there. They're attracting them and telling to have an headquarters on their country.

By population wise, Singapore is a small country as someone presumed it would be insignificant. But what I feel is that if Bitcoin is deeply rooted in Singapore with attending successes in various businesses that integrated it, other progressive countries will follow that direction and that is good for Bitcoin.

Sincerely, if Singapore joins El Salvador and Central African Republic,  it will really be something to celebrate because it means Bitcoin is truly make its way into the mainstream.

Yes, they don't have that much population because their land mass is too small despite that, they're one of the richest country in the world.

Who knows in the near future if they'll also do the same thing as what those countries did for making Bitcoin as a legal tender? But as of now, as long as they've got this type of policy in Bitcoin and they don't ban it, that's already a big plus.