EOS and Block.one made major announcements in June, celebrated one year from the mainnet launch, defended a bunch of controversies – you can get a…
“Right now, people are doing cross-border payments […] and paying bank wires, FX fees around 4% and it takes about four days. Using Bithumb and BitPay, we’re able to make this a 1% fee in one business day.”Potential regulation on cryptocurrencies in South Korea is nothing to worry about. On the contrary: “We welcome regulation. So, I think all the Korean exchanges like Bithumb — they welcome regulations too. We make sure they do proper AML/KYC checks”, Singh told CNBC. Earlier this year, the country’s financial watchdog South Korean Financial Services Commission announced legislation designed to tackle money laundering and to bring the space in line with banks’ KYC obligations. The country has banned anonymous trading accounts, the use of cryptocurrency exchanges abroad, and domestic ICOs. Last week, Bithumb announced an ICON Airdrop event to celebrate the listing of the ‘Korean version of Ethereum’ and the launch of Bithumb PRO. Demand for ICON skyrocketed during that period. A pilot of the partnership is expected to be launched in June. Consumer-focused offline cryptocurrency payments is a strategy that the exchange is pursuing to fuel adoption in South Korea, especially for newcomers.
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