By Troy Stangarone
When it comes to cryptocurrency, North Korea tends to instruct almost of the attention on the Korean Peninsula. Since 2017, Democratic People's Republic of Korea has stolen $571 i grand one thousand from cryptocurrency exchanges too accounted for nearly 65 percent of all cryptocurrency stolen. Despite North Korea’s illicit activities inward this burgeoning field, the recent acquisition of Europe’s largest cryptocurrency central past times a South Korean investment delineate of piece of employment solid is only the latest sign that Republic of Korea is developing into a meaning thespian on the licit side of cryptocurrency too its underlying blockchain technology.
In belatedly October, NXMH, the Belgium-based subsidiary of the South Korean investment delineate of piece of employment solid NXC, acquired Bitstamp, the largest cryptocurrency central inward Europe past times trading volume. The transaction volition give NXC ownership of both Bitstamp too the smaller South Korean central Korbit. While Korbit too Bitstamp volition piece of employment separately, the two exchanges volition share engineering too resources for interrogation too development.
NXC isn’t the exclusively cryptocurrency thespian inward Republic of Korea looking to expand abroad. South Korea’s largest exchange, Bithumb, is partnering alongside Seriesone to found a novel central inward the United States, spell Coinone lately entered the European marketplace alongside its Republic of Malta based central CGEX too Upibit is planning to launch a novel central inward Singapore.
The expansion of South Korean cryptocurrency exchanges abroad has been powered past times their expansion at home. One-in-three salaried South Koreans are estimated to take away keep invested inward coins, spell the Korean won trails exclusively the U.S. dollar inward Bitcoin trading volume. Local exchanges Bithumb too Coinbit are currently 2 of the plough over 3 exchanges inward the globe past times volume. Upbit is regularly inward the plough over twenty exchanges every bit well. Republic of Korea has also instruct the largest market for merchandise inward Ethereum, the instant almost traded token, too at i indicate concluding yr was trading at a 30 pct premium inward South Korea.
The enthusiasm for cryptocurrencies too the underlying blockchain engineering extends beyond ordinary South Koreans to the delineate of piece of employment concern sector every bit well. South Korea’s leading mobile tech companionship too the service behind pop messaging app, Kakao, has launched its ain blockchain platform inward Ground X too is behind the exchange Upbit. SK Telecom has also moved aggressively into blockchain technology. It was i of the first investors inward Korbit too is moving to adopt the technology for payments too subscriptions, asset management, too to assistance connect blockchain startups alongside investment firms. South Korea’s leading tech companionship is also exploring the role of blockchain. Samsung is looking at blockchain engineering for bank certifications too tracking shipments.
While South Korea’s conglomerates are exploring uses for the underlying blockchain technology, the cryptocurrency exchanges Upbit too Bithumb take away keep taken steps to expand the role of cryptocurrency inward retail payments.
If South Koreans too Korean firms are embracing blockchain technology, the procedure has non been without its challenges. With prices for Bitcoin too Ethereum rising inward 2017, regulators became concerned that Republic of Korea was facing unregulated speculation inward cryptocurrency, along alongside the prospect that the engineering was susceptible to fraud too illicit activity. At the same time, Republic of Korea was experiencing a series of cyberattackson its exchanges. That yr solitary South Korean exchanges faced 5 cyberattacks, 2 of which take away keep been attributed to North Korea, too saw central Youbit close later 2 attacks inward viii months.
To address speculation too potential illicit activity inward the market, regulators placed a ban on foreigners owning accounts inward South Korea, required accounts to live on tied to verified banking concern accounts to eliminate anonymous accounts, too banned initial money offerings (IOCs). Republic of Korea has also taken steps to normalize the manufacture past times announcing that exchanges volition live on regulated every bit fiscal institutions.
While rule of the cryptocurrency exchanges was an of import outset pace to reign inward the excesses of 2017, Republic of Korea volition also request to accept a long stance on the technology. Regulations regarding IOCs too bans on foreigners trading on South Korean exchanges, for example, may request to live on revised to ensure that Republic of Korea remains a leading thespian inward cryptocurrency too blockchain technology.
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