All cryptocurrency exchanges in South Korea are now legal

All cryptocurrency exchanges in South Korea are now legal

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Answer All cryptocurrency exchanges in South Korea are now legal

The South Korean Blockchain Association has announced that it has approved 12 cryptocurrency exchanges, including Bithumb and Upbit, to provide the necessary security systems and specific internal management systems.

Several Korean newspapers have reported that Bithumb, UPbit, Gopax, OKCoin Korea, Korbit, Coineone, CoinZest, CPDAXX, HanbitKor, Huobi Korea, NeoFrame and DexKor have been approved by the South Korean Blockchain Association, the public organization that oversees the industry. Digital currencies and the blockchain sector.

After this announcement, Korean newspapers expected that new capital is expected to enter the world of digital and cryptocurrencies, after financial institutions have become regulated and compliant with regulations and legislation.

Note that earlier this year, Bithum was hacked and nearly $40 million worth of cryptocurrency was stolen, and the majority of South Korean investors reacted negatively to the lack of necessary regulations to protect them.

Read:Huobi platform burns 14 million Hubei units amid rising revenue

Some believe that this news is positive for the market, as the trading platforms in South Korea are considered safe and administratively regulated, which raises the level of confidence for the trader.

Read:Ex-Ripple CEO Leads New US Binance Platform

It is worth noting that the South Korean government is working on defining regulations towards cryptocurrency exchanges and the blockchain sector to facilitate the growth of start-ups and companies developing the cryptocurrency industry.

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