- Bithumb to launch ICP Korean Won market on June 12, ahead of South Korea’s new crypto regulations effective July 19.
- South Korea’s new crypto law mandates 80% of crypto deposits in cold storage and insurance for user protection.
- Bithumb continues to expand despite past security breaches, introducing ICP trading amid new regulatory changes.
Wu Blockchain reports that Bithumb, the second largest cryptocurrency exchange in South Korea, will introduce the ICP Korean Won trading market at 17:00 UTC+8 on June 12. This comes as South Korean exchanges expedite the listing of new coins in response to impending regulatory changes set for July.
New Crypto Regulations in South Korea
South Korea’s new crypto regulations are set to take effect on July 19, marking a significant shift in the country’s approach to cryptocurrency oversight. The Virtual Asset User Protection Act is designed to curb illicit activities within the market, such as insider trading, market manipulation, and fraudulent transactions.
To enhance user protection, the act mandates that cryptocurrency service providers must keep over 80% of deposits in cold storage and enroll in insurance programs to compensate users in case of security breaches.
Two-Part Legislation for Comprehensive Oversight
The Virtual Asset User Protection Act is the first part of a broader regulatory framework aimed at the cryptocurrency industry. The second phase, currently under development, will address the standardization of crypto token issuance and information disclosure to ensure transparency and safeguard investor interests.
Bithumb’s Role in the Crypto Market
Bithumb, established by BTC Korea.com LTD in 2013 and headquartered in Seoul, is a leading cryptocurrency exchange in South Korea and Japan. It offers a wide range of popular cryptocurrencies, with the Korean Won being the sole fiat currency supported on the platform.
Despite a robust security framework, Bithumb experienced a significant security breach in 2017, affecting 3% of its users due to a compromised employee computer. Nonetheless, the exchange has continued to thrive, maintaining its reputation as a major player in the Asian cryptocurrency market.
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Internet Computer’s Market Performance
The introduction of the ICP Korean Won trading market by Bithumb coincides with a significant milestone for Internet Computer (ICP), which has surpassed 2.5 million Internet Identities.
At press time, ICP was trading at $10.34, with a 24-hour trading volume of $176,905,810 USD. Despite a 4.04% decline in the last 24 hours, ICP holds the 24th position on CoinMarketCap, with a market cap of $4,803,951,924 and a circulating supply of 464,602,002 ICP coins.
Bithumb’s announcement of the ICP Korean Won trading market launch aligns with the broader trend of Korean exchanges accelerating coin listings ahead of new regulatory frameworks. These regulations aim to enhance the security and transparency of the cryptocurrency market, reflecting South Korea’s proactive stance in safeguarding investor interests and curbing illegal market activities.
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