New cryptocurrency exchanges are developing in South Korea despite regulatory uncertainty due to strong demand and lucrative business models. Ten cryptographic platforms are expected to open in the first half of this year, including two run by companies listed on Kosdaq.
Despite regulatory uncertainty, new entrants are scrambling to start cryptocurrency trading in South Korea. "A growing number of companies specializing in information technology (IT), such as gaming and security, have announced their entry into the cryptocurrency market," said Business Korea on Monday.
Two companies listed on the stock exchange in Kosdaq, "accelerate the implementation of their crypto exchanges," notes the newspaper.
Nex G and Hanbit So New Cryptocurrency Exchanges Proliferate in South Koreaft are currently building security and anti-money laundering (AML) systems to carry out cryptocurrency trading. The two plan to launch their exchanges in March, reported the news agency quoting a manager of Nex G:
We plan to exploit the exchange called "Nex Coin" and we already created the company last week. We will implement all systems provided by a normal financial institution, such as anti-money laundering and security control systems.
"Under current e-commerce law, companies can manage a cryptocurrency exchange when they register it as a telemarketing business with a local government."
South Korea has four main exchanges of cryptocurrency and many small and medium ones. Bithumb has long been the country's largest crypto exchange in terms of volume. However, Upbit, supported by Kakao Corporation, claims to have exceeded its volume in December. The other main exchanges are Korbit and Coinone. The Digital Times noted earlier this month:
There are currently about 30 virtual currency exchange exchanges operating in Korea, and more than 10 additional exchanges will open in the first half of this year.
In addition to Nex Coin and Hanbit Soft, Zeniex and Komid will open more scholarships in the first
semester of this year. The first said it will be launched this month. Immediately, the homepage of the platform was paralyzed due to a
increase in access, according to Yonhap. "The web server was receiving over 100,000 people trying to access the site," Komid said.
The news agency pointed out that "the enormous income from virtual exchange commissions" is the main reason why many companies open cryptocurrency exchanges.
"In the case of Upbit and Bithumb, Korea's largest stock exchanges, average daily commission income is estimated at 3.6 billion won and 2.6 billion won, respectively. "
What do you think of these new exchanges launched in South Korea? Let us know in the comments section below.
Bitcoin is dying and its dragging the entire market down with it. The markets are literally joined at the hip with BTC, and when BTC falls because people have realized how slow and unreliable it is, the larger market ( the new money, people who have been in the game for less than 5 months) panics as they believe that bitcoin IS the market, and if bitcoin fails, then everything else does. This is part of the issue when people like Warren Buffett go on record saying that "Bitcoin is a bubble and will burst" That part is true, for the most part, not many people are willing to pay $36 for a transaction, especially one that takes an hour or more to confirm, and even more so when the developers make little attempt to fix the BTC network -
But when everyday people hear things like this is causes a massive amount of irrational fear...coupled with news from South Korea which was false, as well as news from traditional outlets that claim the market and Bitcoin are constantly dying. We risk going into a free fall in prices within the next few weeks if people don't stop spreading false information. The market dropped by 30% just on false news and an assumption that Korea MIGHT POSSIBLY COULD BE MAYBE be banned from the markets. What would happen if over a 3 day period Fox News and CNN falsely reported that "Bitcoin" was going to be banned in the US, without any proper sources to back it up? The market would implode all based on a rumour. This is why its VERY important to not follow false channels, or people looking to hype coins, its causing the market to expand in a direction that it shouldnt be going, which is the hype, pump, dump and the market is burning scenarios. This has a lasting effect on the human mind, and we'll pay for it eventually.
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you should read this article bitcoin ripple
https://steemit.com/bitcoin/@maykocan/why-is-bitcoin-are-being-asked-to-create-the-wrong-perception
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@OriginalWorks
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