Bithumb, the largest crypto-exchange in South Korea, recently unveiled plans for the production of Bithumb Coin tokens, and ICO.
According to the report, the sale of Bithumb tokens will be conducted in Singapore, since ICO is banned in South Korea. It is reported that Bithumb focuses on large, and not on individual investors. Bithumb has not yet officially confirmed when the sale of tokens and the amount of the amount collected will be launched.
Bithumb is not the first crypto-exchange, which has its own token. In January, the Chinese crypto-exchange Huobi announced its plans to launch Token Huobi (HT), with a limit of 500 million tokens. Representatives of Huobi noted that they will not conduct ICO, arguing that only active users of the trading platform will be able to buy HT tokens.
South Korea's Financial Services Commission (FSC) announced the banning of the ICO in late September 2017, citing increased risks of financial fraud. In March, it was reported that the South Korean government had disclosed plans to local financial authorities to legalize the ICO. While the FSC is skeptical of the ICO, local financial authorities are trying to resolve them, with restrictions in the form of compliance with the rules of "Know Your Customer" (KYC) and AML (Anti Money Laundering).
Some South Korean crypto-exchanges are already trying to open branches abroad. Earlier this week, Coinone, the third-largest trading platform for crypto-exchange in South Korea, announced plans to expand Indonesia to Indonesia in June.
According to the report, the sale of Bithumb tokens will be conducted in Singapore, since ICO is banned in South Korea. It is reported that Bithumb focuses on large, and not on individual investors. Bithumb has not yet officially confirmed when the sale of tokens and the amount of the amount collected will be launched.
Bithumb is not the first crypto-exchange, which has its own token. In January, the Chinese crypto-exchange Huobi announced its plans to launch Token Huobi (HT), with a limit of 500 million tokens. Representatives of Huobi noted that they will not conduct ICO, arguing that only active users of the trading platform will be able to buy HT tokens.
South Korea's Financial Services Commission (FSC) announced the banning of the ICO in late September 2017, citing increased risks of financial fraud. In March, it was reported that the South Korean government had disclosed plans to local financial authorities to legalize the ICO. While the FSC is skeptical of the ICO, local financial authorities are trying to resolve them, with restrictions in the form of compliance with the rules of "Know Your Customer" (KYC) and AML (Anti Money Laundering).
Some South Korean crypto-exchanges are already trying to open branches abroad. Earlier this week, Coinone, the third-largest trading platform for crypto-exchange in South Korea, announced plans to expand Indonesia to Indonesia in June.
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