Crypto exchange Bithumb could invest more than $8 million into South Korea’s regulatory sandbox.
On Jan. 9 a report from Seoul stated that Bithumb has shown intent to put 10 billion won ($8 million) into South Korea’s “regulatory free zone” in Busan Via its daughter company GCX Alliance.
Investment In Regulation Free Zone
South Korea’s second-largest city, Busan, has been the subject of prior headlines for its status as a deregulated outpost and for its desire to create a digital currency based on blockchain technology. In December. KT, South Korea’s telecom company, announced the introduction of a blockchain-based currency local to Busan.
<img width="768" height="768" src="https://www.cryptonewspoint.com/wp-content/uploads/2020/01/77692610-2501-11e9-9177-bd3ae24bba4f_image_hires_164213.jpg" alt="bithumb investment in regulation free zone south korea" class="wp-image-8068 lazyload" />
The news report revealed that Bithumb has shown interest in putting 10 billion won toward the Tongsan Asset Exchange, located in Busan, as indicated by Korea’s Ministry of Small and Medium Venture Businesses.
South Korea’s Financial Services Commission plans to review the endeavor with Bithumb near January’s end.
The article added:
“The industry expects Bithumb to launch various blockchain-based financial businesses in Busan with this investment.”
Source: Cointelegraph | news1.kr