Skip to main content

cryptocurrency exchanges are rushing to launch in South Korea despite regulatory uncertainty due to high demand and lucrative business models.

 New Exchanges Entering the Market
Despite regulatory uncertainty, new entrants are hurrying to launch cryptocurrency exchanges in South Korea. “An increasing number of information technology (IT) companies, such as gaming and security, have declared to enter the cryptocurrency exchange market,” Business Korea reported on Monday.
New Cryptocurrency Exchanges Proliferate in South Korea Despite RegulationTwo Kosdaq-listed companies, in particular, are “accelerating the establishment of [their crypto] exchanges,” the publication noted. Nex G and Hanbit Soft are currently building security and anti-money laundering (AML) systems in order to run cryptocurrency exchanges. Both expect to launch their exchanges in March, the news outlet conveyed and quoted a Nex G official saying:
We are planning to operate the exchange dubbed ‘Nex Coin’ and we already established the corporation last week. We will set up all the systems provided by a normal financial institution such as anti-money laundering and security control systems.

Huge Profits Drawing Exchanges

New Cryptocurrency Exchanges Proliferate in South Korea Despite Regulation“Under the current electronic commercial law, companies can operate a cryptocurrency exchange when they register it as telemarketing business to a local government,” Business Korea explained.
South Korea has four major cryptocurrency exchanges and many small and medium-sized ones. Bithumb has long been the country’s largest crypto exchange by volume. However, Kakao Corporation-backed Upbit claims to have overtaken its volume in December. Other major exchanges are Korbit and Coinone. The Digital Times noted early this month:
There are about 30 virtual currency exchanges currently operating in Korea, and there will be more than 10 additional [exchanges] opening in the first half of this year.
New Cryptocurrency Exchanges Proliferate in South Korea Despite RegulationOn top of Nex Coin and Hanbit Soft, other exchanges opening in the first half of this year include Zeniex and Komid. The former said it will launch this month. The latter opened for business on January 5. Immediately the platform’s “homepage was paralyzed due to a surge in access,” according to Yonhap. “The web server had more than 100,000 people” trying to access the site, Komid explained.
New Cryptocurrency Exchanges Proliferate in South Korea Despite RegulationThe news outlet pointed out that “huge virtual currency commission income” is the primary reason why many companies are opening up cryptocurrency exchanges. “In the case of Upbit and Bithumb, the largest exchanges in Korea, daily average commission income is estimated at 3.6 billion won and 2.6 billion won, respectively.”

Comments

Post a Comment

Popular posts from this blog

The Satoshi Revolution – Chapter 5: ICOs

The Satoshi Revolution: A Revolution of Rising Expectations. Section 2 : The Moral Imperative of Privacy Chapter 5: Implementing Crypto Privacy by Wendy McElroy ICOs: Peril or Menace or Expression of Satoshi Spirit? (Chapter 5, Part 2) It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way… – Charles Dickens, A Tale of Two Cities Crypto advocates differ dramatically on the impact of Initial Coin Offerings (ICOs). They are a valuable dynamic that financed Ethereum’s smart contract; they are a blank cheque for scammers; they give government a wedge with which to separate cryptocurrency from freedom. The damnable thing is that all the assessments may...
Post a Comment
Read more

MYSTERY OF BERMUDA TRIANGLE FINALLY SOLVED

MYSTERY OF BERMUDA TRIANGLE FINALLY SOLVED   17 COMMENTS    23472 VIEWS Bermuda Triangle Mystery Solved? Scientists believe they’ve solved the mystery of the Bermuda Triangle ― and it’s not UFOs or sea monsters. It’s another kind of monster: monster waves. The Bermuda Triangle, also known as the Devil’s Triangle, is a region in the North Atlantic that is generally bounded by Miami, Bermuda and Puerto Rico. Over time, a number of aircraft and ships are said to have disappeared there under mysterious circumstances. According to “The Bermuda Triangle Enigma” on Britain’s Channel 5, scientists now believe conditions in that area were just right for massive rogue waves. “There are storms to the south and north, which come together,” said University of Southampton oceanographer Simon Boxall, per the Sun. “And if there are additional ones from Florida, it can be a potentially deadly formation of rogue waves.” Boxall said these rogue waves could reach 100 fee...
Post a Comment
Read more

EZeugo Is the Right Candidate For Idemili North Constituency.

A sound mind is a healthy body, unfortunately most of our people suffer from various diseases as a result of their life style,water the drink, type of food the eat (poor dieting) and drugs abuse which in return leads to many complications in the later stages of their lives. Majority of our people over the age of fourty  suffer from specific health problems E.g heart diseases, advanced diabetes, blood pressure (BP). In my view the issue of health is not limited to health services, health is a specific culture that can be attened by harmonizing body and mind. To reach this health conditions, in addition to a good healthy services, base on my background in Health and Environmental Safety (HES) I Ezeugo have a good health investment programs that will help improve following area - health education, Custom and traditions, food and environmental hygiene, sports, provisions of safe drinking water, public awareness in various aspects of life. Ezeugo have all it take to make Idemili...
2 comments
Read more