Binance eyes setting up 3-5 local firms in South Korea this year – report
Binance, the world’s top most cryptocurrency exchange, is planning to enter the South Korean virtual currency market, news portal BusinessKorea reported on Tuesday. Binance plans to set up three to five local businesses by the end of this year, the report added.
Over the weekend, Binance CEO Changpeng Zhao had attended the Blockchain Partners Summit in Seoul where he stressed the importance of the digital currency market in South Korea. If the expansion does take place, it would allow the exchange to access a burgeoning cryptocurrency community in the country.
Binance’s security, reliability and thorough ICO principles can make it a strong competitor against South Korean cryptocurrency exchanges, the report said, citing industry sources.
Since its launch last year, Binance has seen its trading volumes boom, catapulting it to the top rank among cryptocurrency exchanges. At the time of writing, the exchange saw its 24 hour trading volumes swell to $1.47 billion, data from CoinMarketCap showed.
South Korea could be next hotspot for cryptocurrencies
South Korea is increasingly becoming more crypto-friendly, with the government implementing different policies to help support the digital asset market. Just last week, the country’s top financial regulator announced that it would set up a new organisation tasked with making policies for the digital asset industry in South Korea.
The country has already legitimized the cryptocurrency sector as an industry, with the government aiming to release new blockchain industry classification norms by the end of this month. In addition, the government last week decided to provide relaxation of taxes for start-ups to boost upcoming technologies like blockchain.
Moreover, self-regulatory organization Korea Blockchain Association had sanctioned 12 crypto exchanges to own ample security measures and internal management systems. This move is expected to help increase the inflow of capital in the digital currency market.
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