- 08 Jul, 2018
On July 3, ruling democratic party of South Korea drafted and revised Electronic Financial Transactions Act to legalize bitcoin and Ethereum to protect its citizens, traders and investors who are using these cryptocurrencies and protect them against the potential risk in an event of digital currency bubble burst.
In addition to strict KYC and AML systems, South Korean Financial Supervisory Service will require bitcoin exchanges and trading platforms to retain a minimum of $436,000. South Korean bitcoin and cryptocurrency exchanges are backed by some of the largest billion dollar corporations and global venture capital firms. The second largest digital currency trading platform in South Korea, Korbit supports Bitcoin, Ethereum, Ripple and Ethereum Classic is backed by the country’s largest telecommunications company SKT and SoftBank Ventures Korea. Bithumb, the largest Bitcoin trading platform is operated by a public company called BTC Korea. It is currently looking to raise capital through a paid-in capital increase in the South Korean stock exchange. During its peak, Bithumb processed more than $750 mln worth of Bitcoin, Ethereum, Dash, Litecoin, Ethereum Classic and Ripple, solidifying its market leadership position.