In line with the rapid transformation of the entertainment industry, Dunamu Inc looks to boost its revenue while promoting further engagement between fans and K-pop idols through digital collectibles.
The move comes after the activation of the privacy feature MimbleWimble and brings the total number of digital currency exchanges that have delisted Litecoin to five, including Upbit and Bithumb.
Upbit has issued an investment warning about Litecoin (LTC) to its users, who have been left on edge because of its upgrade that introduces confidential transactions.
The Korea Fair Trade Commission will put Dunamu, owner of the country's largest digital currency exchange Upbit, under high scrutiny due to the firm's monopolistic market share.
Following the withdrawal limits, Upbit has said it will go further in restricting trading services to verified users only, including all deposits and withdrawals, effective October 13.
Upbit submitted the business report that exchanges are required to file with South Korea’s FIU, upon completing real-name verification and partnering with a bank.
The South Korean startup bank is said to be experiencing rapid growth from its services, which senior executives think could see the bank turning a profit in 2022.
In a deal reported to be worth $52 million, Hanwha has invested through its brokerage arm, which will acquire 2.06 million shares. The deal is expected to close on February 22.
Upbit revealed in a press release shared with CoinGeek that it had obtained the licenses from the Thai Securities and Exchanges Commission. The four licenses will allow Upbit Thailand to offer services in four categories: digital token exchange, digital token broker, digital currency broker and digital currency exchange. Upbit has become the first exchange to obtain all four licenses in Thailand.
The licenses will give Upbit a significant edge over its competition in the rapidly growing Thai market, Peeradej Tanruangporn believes. In an interview with CoinGeek, he explained why it was imperative to gain all four licenses:
“In Thailand, there are separate licenses for exchange and brokerage businesses. An exchange license allows a business to do order matching. A brokerage license allows operators to take a customer's order to another exchange for order matching. When digital asset operators explain their business models to the regulator, the regulator gives recommendations on which licenses are needed. In Upbit Thailand's case, the services we are planning to provide are so broad that we needed all four licenses.”
Upbit has been targeting the lucrative Thai market for some time now. The Southeast Asian nation has seen rapid growth of its digital currency industry in the recent years. However, despite the growth, only six exchanges had been approved to operate in the country.
Tanruangporn believes that the Thai government’s approach to digital currencies has played a key part in fostering the growth of the industry.
He told CoinGeek, “Thailand’s government has shown a strong commitment to growing the blockchain and fintech sectors and there’s also strong public demand for innovative digital asset-related services.”
By establishing a clear regulatory framework for the industry, the government has allowed operators like Upbit to “operate with a clear understanding of which digital asset businesses we can pursue from the start.”
The exchange’s Thai operation will be a joint venture between Upbit APAC Pte. Ltd. and local partners. They include Chatchaval Jiaravanon, the Thai billionaire who owns Fortune Magazine. Jiaravanon also runs Lightnet, a Bangkok-based startup offering digital currency remittance services. The startup raised $31.2 million in January this year with an ambitious target of $50 billion worth of transactions annually.
On whether Upbit will partner with Lightnet, Tanruangporn remarked, “Nothing is finalized yet but we're excited to see what we can work out.”
Upbit has yet to finalize the trading pairs that will be available once the exchange begins operations.
In South Korea, Upbit has seen an uptick in trading volume this year. While the exchange has been working on new listings, its focus has been on compliance, with Tanruangporn telling CoinGeek:
“For our business in South Korea, Upbit’s top priority is being compliant with soon-to-be-implemented local digital asset regulations, and our new enhanced AML system is a huge part of that effort.”" title="Upbit becomes first exchange to gain 4 licenses in Thailand" />
The licenses will allow Upbit Thailand to offer services in four categories: digital token exchange, digital token broker, digital currency broker and digital currency exchange.
In an interview with CoinGeek, Chainalysis discusses how the COVID-19 pandemic has affected digital currency crime, Upbit partnership and how it’s coping in these trying times.
South Korea is gripped by a child porn scandal that has caused national uproar. And now, the four largest digital currency exchanges are helping investigators.