Bithumb to Issue its Own Token In Singapore

Bithumb to Issue its Own Token In Singapore

Bithumb, a leading cryptocurrency exchange in South Korea, has revealed plans of issuing its own token, Bithumb Coin, in Singapore, according to a local news outlet report on April 19.

The report says that Bithumb would be conducting its token sale in Singapore instead of South Korea since ICOs are banned in South Korea. Bithumb is now focusing on large-scale investors instead of individual investors. There is, however, no official statement that tells us about the size of the venture or when the coin is expected to be launched.

Back in January, the Chinese crypto exchange, Huobi, had announced plans to issue their own token, Huobi Token (HT), which would have a cap of 500 million tokens. This makes Bithumb the second crypto exchange to be launching its own token. The only difference between Huobi and Bithumb was that Huobi didn’t go for an ICO and claimed that only the users which are active on the trading platform would receive the tokens.

The Financial Services Commission (FSC) of South Korea had announced a ban on the ICOs back in September 2017. FSC claimed that ICOs increased the risks of financial scams and acted as motivators for such scams.

Coinone, and a number of other crypto exchanges of South Korea are looking forward to opening their branches abroad as well soon due to the policy implemented by FSC to reduce scams in South Korea.

While FSC is still skeptical towards ICOs, the country is taking measures to make cryptocurrencies totally legal. Earlier this month, South Korea had announced its plans to implement a new crypto tax framework. A few days after the news, they announced plans for a Central Bank Digital Currency (CDBC).

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.