• About
  • FAQ
  • Landing Page
  • Buy JNews
Newsletter
Crypto News
Advertisement
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
Crypto News
No Result
View All Result

Bithumb CEO Predicts Only Four to Seven South Korean Crypto Exchanges Will Survive New Rules

by
January 20, 2021
in Uncategorized
0
Bithumb CEO Predicts Only Four to Seven South Korean Crypto Exchanges Will Survive New Rules
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Bithumb CEO Predicts Only Four to Seven South Korean Crypto Exchanges Will Survive New Rules

The CEO of the South Korean cryptocurrency exchange Bithumb has made some predictions regarding the upcoming new rules governing the national industry. In fact, the executive believes there will only be between four and seven exchanges surviving the new regulation.

Related articles

Binance to List a Tokenized Version of Coinbase (COIN) Stock

April 14, 2021

Singapore Crypto Exchange Bityard to Launch Its First Global Trading Contest

April 14, 2021

Smaller Companies Unlikely to Meet New Banking, Anti-Money Laundering Protocols on Time

During an interview with Hanguk Hyungjae, Heo Baek-young made an apocalyptic forecast for the local crypto firms. He believes that smaller companies could “struggle” to meet the Information Security Management System (ISMS) certification requirements.

In South Korea, there are almost 50 crypto exchanges in operation as of press time. Upcoming regulations will become effective in March, but firms have been given a six-month grace period to meet the required measures.

The amended Special Financial Transactions Information Act was approved by the National Assembly finance committee in November last year.

Under the framework, crypto exchanges are required to follow a series of banking protocols, including linking customer accounts to individuals and their bank accounts that are verified by a local identification document.

Bithumb’s boss praised the new rules and believes his company is ready to meet all the requirements by the deadlines. Heo pointed out the importance of differentiating from “companies with bad intentions.” He said:

It is late to strengthen investor protection, but it is the right direction.

However, he still thinks that many other platforms could struggle to abide by new anti-money laundering (AML) protocols.

Is Anonymous Crypto Trading Coming to an End in South Korea?

The new rules also name the Financial Intelligence Unit (FIU) as the regulatory watchdog to oversee the South Korean crypto industry, which also seeks to end the anonymity in crypto trading.

Nowadays, Upbit, Korbit, and Coinone are considered major crypto exchanges in the country. Experts believe these companies are able to comply with the requirements imposed by the new regulations.

On Jan. 8, the South Korean government issued an amendment to introduce a tax on cryptocurrency trading profits. It will be enacted in February, and profits from buying and selling cryptos in South Korea will be taxed at 20% starting in 2022.

What do you think about the Bithumb executive’s words? Let us know in the comments section below.

Share76Tweet47

Related Posts

Binance to List a Tokenized Version of Coinbase (COIN) Stock

by
April 14, 2021
0

Binance will list the Coinbase Stock Token (COIN) today  Users will be able to trade fractional Coinbase stock through the ...

Singapore Crypto Exchange Bityard to Launch Its First Global Trading Contest

by
April 14, 2021
0

PRESS RELEASE. Singapore crypto exchange Bityard will launch its first trading contest before May 2021, with up to 60,000 Tether...

TA: Ethereum Sets New ATH, Here’s Why The Bulls Could Aim $2,500

by
April 14, 2021
0

Ethereum is gaining momentum above $2,300 against the US Dollar. ETH price is showing positive signs and it is likely...

Nifty News: Kevin Smith sells horror flick rights as NFT, Megadeth’s ETH, farming MEMEs …

by
April 14, 2021
0

MEME NFT farming platform launches the new and improved v2, Megadeth NFT nets $18K, and Kevin Smith tokenizes the rights...

Kenyan Athlete and Olympic Champion Eliud Kipchoge Gets $40K in ETH After Auctioning NFTs of ‘Key Moments’

by
April 14, 2021
0

Kenyan athlete and world record holder, Eliud Kipchoge recently auctioned off his first set of NFTs for a total of...

Load More
  • Trending
  • Comments
  • Latest
Grayscale’s Crypto Assets Under Management Soar Past $30 Billion — ‘Institutions Are Here’

Grayscale’s Crypto Assets Under Management Soar Past $30 Billion — ‘Institutions Are Here’

February 6, 2021
Grayscale Investments Buys more ETH as Ethereum Price Shoots to New All-Time High of over $1550

Grayscale Investments Buys more ETH as Ethereum Price Shoots to New All-Time High of over $1550

February 3, 2021

Mark Cuban Invests in Mintable

March 6, 2021
Only 5% of Financial Executives Want to Invest in Bitcoin in 2021, According to Survey

Only 5% of Financial Executives Want to Invest in Bitcoin in 2021, According to Survey

February 17, 2021

Binance to List a Tokenized Version of Coinbase (COIN) Stock

0

China Is Reportedly Moving To Clamp Down On Bitcoin Miners

0

Inside the Chinese Bitcoin Mine That’s Grossing $1.5M a Month

0

All You Need to Know About This Whole SegWit vs. SegWit2x Thing

0

Binance to List a Tokenized Version of Coinbase (COIN) Stock

April 14, 2021

Singapore Crypto Exchange Bityard to Launch Its First Global Trading Contest

April 14, 2021

TA: Ethereum Sets New ATH, Here’s Why The Bulls Could Aim $2,500

April 14, 2021

Nifty News: Kevin Smith sells horror flick rights as NFT, Megadeth’s ETH, farming MEMEs …

April 14, 2021
Crypto News

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Aave (AAVE)
  • Abra
  • Alt Season
  • altcoin
  • Altcoin Market Cap
  • Altcoin News
  • altcoin prices
  • altcoins
  • Altseason
  • Barstool Sports
  • Basic Attention Token (BAT)
  • Binance
  • Binance (BNB) News
  • Binance Coin (BNB)
  • Binance Ecosystem
  • Binance Smart Chain
  • Binance Smart Chain (BSC)
  • bitcoin
  • Bitcoin
  • Bitcoin (BTC) Adoption
  • Bitcoin (BTC) General News
  • Bitcoin (BTC) News
  • Bitcoin (BTC) Predictions
  • Bitcoin Cash (BCH)
  • Bitcoin Cash (BCH) General News
  • Bitcoin dominance
  • Bitcoin ETF
  • Bitcoin Futures
  • Bitcoin Miners
  • bitcoin network
  • Bitcoin Options
  • Bitcoin price
  • Bitcoin SV (BSV)
  • Bitfinex
  • BitGo
  • Bitstamp
  • Bittrex
  • Blockchain
  • Blockchain News
  • bloomberg
  • Brad Garlinghouse
  • Business
  • Cameron Winklevoss
  • Cardano (ADA)
  • Cardano Upgrade
  • Cash app
  • CFTC
  • ChainLink
  • ChainLink (LINK)
  • Chainlink (LINK) News
  • Chainlink Community
  • Chainlink Oracles
  • Chainlink Price Prediction
  • Changpeng Zhao
  • Charles Hoskinson
  • charlie lee
  • CME Ethereum Futures
  • CME Group
  • coinbase
  • Coinbase (COIN)
  • Coinmarketcap
  • Commodity Futures Trading Commission
  • Consensys
  • Craig Wright
  • Crypto Exchanges
  • cryptocurrency
  • Dash (DASH)
  • Dave Portnoy
  • Decentraland (MANA)
  • DeFi
  • DeFi Pulse
  • Deribit
  • Dogecoin (DOGE)
  • Electric Coin Company
  • Elon Musk
  • ETH 2.0
  • ETH2.0
  • Ethereum
  • Ethereum (ETH)
  • Ethereum (ETH) News
  • Ethereum 2.0
  • Ethereum Classic (ETC)
  • Ethereum Fees
  • Ethereum Futures
  • Ethereum Miners
  • Ethereum Network
  • ethereum price
  • Ethereum price analysis
  • Ethereum Staking
  • Ethereum Upgrade
  • Ethereum Upgrades
  • Filecoin (FIL)
  • Flare Networks
  • Flare Networks Snapshot
  • Gemini
  • google
  • Grayscale
  • Grayscale Bitcoin Trust (GBTC)
  • Grayscale Ethereum Trust (ETHE)
  • Grayscale Investments
  • Guide
  • Guides
  • Huobi
  • Institutional Investors
  • jack dorsey
  • Jay Z
  • justin sun
  • JustSwap
  • LINK Marines
  • Litecoin
  • Litecoin (LINK)
  • Litecoin (LTC)
  • Litecoin (LTC) News
  • Litecoin Development
  • litecoin foundation
  • Litecoin MimbleWimble
  • Maker (MKR)
  • Market
  • Michael Saylor
  • MicroStrategy
  • MimbleWimble
  • Mining
  • Monero (XMR)
  • Moneygram
  • Nasdaq
  • News
  • NFT
  • NFTs
  • Non-Fungible Tokens
  • OKECoin
  • Other
  • Pantera Capital
  • Polkadot (DOT)
  • Polkadot Price Analysis
  • Poloniex
  • Prices
  • Regulation
  • ripple
  • Ripple
  • Scams and Hacks
  • sec
  • Securities and Exchange Commission
  • Signal
  • Spark Token (FLR)
  • Spark Token Airdrop
  • Spark Tokens (FLR)
  • Square
  • Stimulus Bill
  • Stimulus Check
  • SushiSwap (SUSHI)
  • Tesla
  • Tether (USDT)
  • tether bitfinex lawsuit
  • Theta Network (THETA)
  • Theta Token
  • Tron (TRX)
  • TRON (TRX) News
  • Tron Foundation
  • Twitter
  • Tyler Winklevoss
  • Uniswap
  • UniSwap (UNI)
  • Wallets and Exchanges
  • WallStreetBets
  • Weiss Ratings
  • WhatsApp
  • World
  • Wrapped Bitcoin (WBTC)
  • XRP
  • XRP Army
  • XRP News
  • XRP Price Prediction
  • Yearn Finance (YFI)
  • Youtube
  • Zcash (ZEC)
  • ZCash Halving
  • Zeus Capital
  • Zilliqa (ZIL)
  • Zilliqa (ZIL) News
  • Zilliqa Staking

Tags

Altcoin Bitcoin drops Bitcoin Wallet Cointelegraph Cryptocurrency ICO Investment Lending Market Stories Mining Bitcoin

Newsletter

[mc4wp_form]

  • About
  • FAQ
  • Support Forum
  • Landing Page
  • Buy JNews
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2018 JNews by Jegtheme.