As of last week, the Blockchain Association in South Korea has approved 12 crypto exchanges – including the popular Bithumb and UPbit – for having adequate security measures and integrated management systems put in place. This is surely a big step for the country and even a bigger one for the exchanges present in it.
According to reports by local news outlets, the names of the exchanges that were approved include Bithumb, UPbit, Gopax, OKCoin Korea, Korbit, Coineone, CoinZest, CPDAXX, HanbitKor, Huobi Korea, and NeoFrame, and DexKor – all directly approved by the South Korea Blockchain Association which is an institution that oversees the crypto and blockchain sector.
With this, many analysts predict a new wave of capital coming in the market, given that crypto exchanges were not in a good place so far. The recent moves towards legitimizing their operations and regulating crypto trading platforms as financial institutions have been crucial for further crypto-related activity in the country (investing, trading etc.)
The legitimization has been great for the exchanges too. If we take Bithumb for example, it has been the perfect move following the hacking attack that happened in June where the crypto exchange lost more than $40 million – $16 million of which apparently recouped after the hack in order to recover the funds.
Even though local investors started to lose trust in Bithumb – which has been a leader for years – the new legitimization will change a lot of things. Overall, it is one of the most positive news when it comes to South Korea’s crypto regulation efforts.
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