The latest news emerging from South Korea reveals that Bithumb, the country’s leading crypto exchange company has begun its quest for reclaiming more glory. As earlier in the week, TokenPost, a local news outlet reported that Bithumb has announced its intentions of issuing its own token.
The report further revealed that by the token which would allegedly be called Bithumb coin would be launched via an Initial Coin Offering (ICO).
According to various sources, given the ban imposed by South Korea on raising money through any form of virtual currencies and ICOs, the company would be launching its token sale in Singapore.
In an ambitious attempt to reduce the number of financial scams through ICO’s, the ban was imposed by the government of South Korea back in 2017.
The local news outlet, TokenPost, further reported that South Korea’s leading cryptocurrency exchange expects to attract large-scale investors rather than random individual investors, however, no details were revealed about the exact dates of the token launch or the exact size of the venture by Bithumb.
Significantly, Bithumb is not the only crypto exchange to launch its token. As its direct competitors have also announced plans for launching their own token. For instance, the Chinese crypto exchange Huobi recently announced that it would be releasing its token called Huobi Token (HT).
Also, quite notably Bithump is not the only South Korean exchange company to launch its token sale in another country. As Coinone, one of South Korea’s leading cryptocurrency exchanges also recently revealed via a press release that it is planning to establish a crypto exchange in Indonesia by June 2018.
Back in 2017, South Korea’s Financial Services Commision (FSC) announced its ban on ICOs, however, as per reports the local financial authorities still have plans to legalize ICO’s, but under the contingency that it will be done under strict conditions as it would empower the “anti-money laundering systems” and “know your customer.”