Copy link
Increase text size
Decrease text size
Link copied

South Korean crypto exchange Bithumb to invest $8M into Busan blockchain zone

Mon, 13 Jan 2020, 09:56 am UTC

South Korean cryptocurrency exchange Bithumb is going to invest $8 million into the Busan blockchain zone, reported citing local news outlet News1.

According to the report, GCX Alliance, a Bithumb subsidiary, will be discussing the preliminary investment plans with the Financial Services Commission (FSC) this month.

“Bithumb and the Financial Services Commission will discuss the investment in Busan blockchain special zone at the end of January,” a senior official from the Ministry SMEs and Startups said.

Just recently, the National Tax Service (NTS) withheld $69 million (approximately) from Bithumb’s foreign customers. It marked the first instance of the government imposing a tax on crypto transactions.

Regulation-free blockchain zone

Following this crackdown, the exchange reportedly entered into a partnership with the Ministry SMEs and Startups and now plans to pump $8 million into the Busan blockchain zone. Bithumb’s investment will be in addition to the expected 29.9 billion won ($25 million) by the end of 2020.

Last July, the Ministry of SMEs and Startups designated Busan as a regulation-free zone for blockchain technologies. For this, the government relaxed 11 regulations for companies using blockchain technology.

Purportedly modeled after Switzerland’s crypto hub Zug, the Busan blockchain zone was created to encourage blockchain innovation. It is reportedly one of seven regions chosen by the government to pilot crypto and blockchain solutions. However, the region does not allow initial coin offerings (ICO).

In particular, the government wants blockchain and crypto projects in the special region to focus on the public sector with ideas that boost tourism, consumerism, and public safety.

Just recently, Bithumb established its blockchain research and development center. In Nov., Bithumb Global, the global arm of Bithumb Korea, announced its own blockchain platform, called Bithumb Chain, and native token, Bithumb Coin (BT).

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.05.04 04:21:48
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door inbox me for more me on whatsapp :+12067425358 happy new year to you all
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $9,829.86 (+2.37%)
  • Ethereum (ETH) $246.12 (+2.10%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $260.78 (+2.63%)
  • Bitcoin SV (BSV) $198.54 (+1.44%)
  • Bitcoin (BTC) $9,829.86 (+2.37%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.