South Korea’s leading cryptocurrency exchange, Bithumb has revealed intentions to issue its own token Bithumb Coin (BHC) in an Initial Coin Offering. The South Korean exchange made this announcement in Singapore on Thursday, April 19 according to TokenPost.
Bithumb could face legal action if it tried to do it there if it sells the tokens in South Korea because as of today ICOs are banned in the country. TokenPost also made known that Bithump is more interested in partnering with large-scale investors rather than individuals. Although, there was no confirmation on the date the coin is expected to be launched or the size of the ventures.
The launch of Bithumb Coin would mean that the company is following the footstep of other notable exchanges who have unveiled their own coins, such as Binane, KuCoin, and Huobi. Huobi’s Token although not an ICO would be capped at 500 million tokens, however, only active users would be able to receive HT.
When it comes to cryptocurrency, South Korea has been at the forefront. The country is moving closer to fully legalizing Bitcoin. It seems like the government of South Korea is consistently evolving its opinion when it comes to Bitcoin. Recently, there are indications that South Korea will consider Bitcoin as a liquid asset. This will surely bring some respite to the country based cryptocurrency exchanges.
In early April, 23 South Korean exchanges out of the 33 exchanges which were members of the Korean Blockchain Association came together to adopt self-regulatory standards to cover cryptocurrency-related activities in the country. The members includes Glosfer, Neoframe, Nexcoin, Upbit, Bithumb, Gopax, Coinlink, Scoin, Whalex, Okcoin Korea, Zeniex, Kairex, Kcx Exchange, Komid, Korbit, Coinone, Coinzest, Coinplug, Crypto Company, Dexko, Korea Encryption, Money Exchange, and Huobi Korea while the 10 members who rejected the proposal were expelled from the association.
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.
