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BCEX Set to Open in S Korea, Gov’t Offers Glimmer of ICO Hope

BCEX Set to Open in S Korea, Gov’t Offers Glimmer of ICO Hope 101
Source: iStock/APeriamPhotography

Canada-based cryptocurrency exchange platform BCEX is set to open a branch in South Korea in December this year.

Per a media outlets Market News and eDaily, the company, which is 16th in the world by the 24-hour trading volume, is planning a pre-launch event and range of marketing activities ahead of the opening.

BCEX Korea officials have claimed South Korean customers are limited when it comes to their exchange options. The company stated that while new exchanges continue to open in South Korea, “risks are increasing” – hinting that BCEX security systems may be stronger than those used by domestic platforms.

The company will join a select group of big-name overseas exchanges – such as Huobi, OKCoin and CoinBene – who have all recently opened branches in a the country.

Watch the latest reports by Block TV.

At the time of writing, the 24-hour trading volume at BCEX stands at USD 153 million, according to CoinMarketcap.

Top markets at BCEX:

BCEX Set to Open in S Korea, Gov’t Offers Glimmer of ICO Hope 102
Source: coinmarketcap.com

Overseas tech and internet enterprises have famously struggled in South Korean’s fiercely competitive market. The cryptocurrency scene is currently dominated by the likes of Bithumb, called the “Samsung of the blockchain industry” by its new majority shareholder. Upbit, owned by tech giant Kakao Group, is Bithumb’s closest rival, and other domestic companies like Coinone and Korbit also have wide customer bases.

Earlier this week, the regulatory Financial Services Commission (FSC) issued a public warning about the dangers of cryptocurrency investors falling foul of the law. It stated that cryptocurrency funds were “not legal investments,” and thus could violate the country’s Capital Markets Act – and hinted that it was “consulting with government agencies” on how to “better protect investors.”

However, in better news for South Korean cryptocurrency enthusiasts, a leading FSC official this week told the National Assembly select committee on Industry 4.0 that the government may be prepared to reconsider its stance on the controversial initial coin offering (ICO) ban it used in September last year.

Per Hanguk Kyungjae, the official told the assembly that the “government is investigating the current state of ICO,” and was likely to state its opinion on the matter sometime next month. He also vowed that the select committee – which has previously called on Seoul to abolish the ICO ban – will play a key role in making potential amendments to existing ICO legislation.

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