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
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. Coinbase obtains Major Payment Institution licence from the Monetary Authority of Singapore
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.
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.
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. 
