South Korean crypto exchange Bithumb to issue own token in Singapore
South Korean cryptocurrency exchange Bithumb, revealed its plans to issue its own token Bithumb Coin, in Singapore. Since ICOs are banned in South Korea, Bithumb would conduct its token sale in Singapore. According to the local sources, Bithumb Coin’s ICO will focus big-time institutional investors, as opposed to regular or average digital currency investors. But the sources are not sure about when it will be launched and how big the venture is expected to be.
It was in January that the Chinese crypto exchange, Huobi announced that they are launching their own token called Huobi Token. They would have a cap of 500 million tokens. But what Huobi announced is that they would only provide tokens for their active traders who use their platform. Also, they didn’t provide any Initial Coin Offerings.
It was back in 2017 the Financial Services Commission (FSC) of South Korea announced a ban on ICOs claiming that ICOs are increasing the risks of financial scams also encourage people to get involved in such scams.
Due to this ban, various other cryptocurrency exchanges of South Korea are seeking forward to shift abroad. The strict policy implemented by the FSC is restricting crypto-traders to shift their bases.
South Korea is trying to implement measures to make cryptocurrency legal but FSC is still doubtful about whether to withdraw the ban or not. Recently the country announced plans to implement new crypto tax framework.