Upbit makes its move into Thai, Indonesian markets

Upbit, one of the biggest cryptocurrency exchanges in South Korea, has reportedly set up a website for crypto exchanges in Thai and Indonesian languages, as part of its attempt to market its trading services to customers in the two Asian countries.

Last week, South Korean news outlet Edaily  quoted the crypto exchange saying that both countries “appreciated the growth potential of the cryptographic industry.” Thailand, in particular, has seen its government recently making an effort to cultivate the sector, while Indonesia is “regarded as the biggest hand of the Southeast Asian cryptography market,” creating jobs, attracting foreign capital, and introducing technology for the fourth industrial revolution such as the blockchain.

The new exchanges are part of Upbit global expansion plans. According to reports, the company will trade over 130 coins, and 240 trading pairs will be offered on the new Upbit exchanges.

Dunamu Inc., an affiliate of Kakao Corp., operates Upbit. The crypto exchange is also affiliated with U.S.-based exchange Bittrex.

While speaking to local reporters, Lee Seok-woo the CEO of Dunamiu stated Upbit has always aimed at providing foreign exchange services to people around the globe. He told the South Korean news outlet, “I am in a desperate situation that I can lose a great opportunity if I miss this period… the competition is spreading.”

In addition to the new exchanges, the Upbit community received a new exchange in Singapore. The exchange was launched officially to support Singapore dollars. Customers using the new platforms will use the local currencies—baht in Thailand and rupiah in Indonesia.

On the Thai Upbit website, the company state that its services are in “closed beta” phase. The website explained that Upbit services are only available to a small group of Individuals who registered early with the platform.

The website in Indonesia is different from the one in Thailand. The site displays different features and message. It states: “Buy and sell the latest crypto assets from our partner, Bittrex, the premium exchange from the United States.”

The website also says that the Indonesian platform will support 156 coins and 276 trading pairs. This is smaller figures compare to the 131 coins and 241 trading pairs on Thailand platform.

Authorities in Thailand have set up regulation to govern the cryptocurrency and blockchain sectors. So far, the government has allowed six crypto exchanges and one dealer to run cryptocurrency operations in the country.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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South Korea says crypto exchanges aren’t venture firms, increases taxes

This past August, the Ministry for Small and Medium Enterprises (SMEs) and Startups in South Korea delivered a proposal to the government. The proposal included a change to existing laws for the blockchain industry, as well as cryptocurrency exchanges, that would see entities in the spaces be permanently added to the government’s official list of certified venture firms.

Unfortunately for the industry, that proposal has now been shot down. Not only does it mean that the SMEs and startups won’t have access to financial incentives offered to other businesses, but it also means that blockchain-businesses could be on the hook for more taxes.

As it stands now, the majority of the exchanges in the country, including Upbit and Bithumb, are classified as venture firms. Toward the end of next year, however, this classification is set to expire, which can seriously hamper future growth of the industry in South Korea.

When the classification expires, crypto exchanges could see their income and corporate taxes increase by 100%. They would also no longer qualify for a 75% reduction in acquisition taxes and will not have access to any financial privileges, including credit guarantees.

“Under the new government policy, cryptocurrency exchanges that will be newly set up this month or later cannot be certified as venture firms,” asserts the government.

According to an earlier statement by blockchain and crypto lobby groups —including the Korea Blockchain Association, the Korea Blockchain Startup Association and the Korea Industry Promotion Association—“The measure will discourage the industry as a whole.”

Without the tax benefits, there will be little incentive for new players to enter the industry. Startups, and even established businesses, could ultimately pursue moving their operations abroad where the tax liabilities are not so heavy.

Upbit could already be looking to relocate. It opened an office in Singapore earlier this year and is expected to launch operations there in October. In the wake of the government’s denial of the proposal, it’s conceivable that the exchange will pack up and vacate the South Korean market completely. The exchange’s CEO, Sigroo Lee, said about the expansion a month ago, “We felt the timing was right to expand globally despite various uncertainties surrounding the Korean market.”

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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South Korea’s Upbit to open Singapore crypto exchange in October

Kakao affiliate Dunamu, which operates South Korean cryptocurrency exchange Upbit, is gearing up to open a Singapore-based exchange in October, Yonhap News reported.

According to the South Korean news outlet, Dunamu opened a branch in Singapore in February, and now plans to launch a new crypto exchange in the country as part of its bid to tap into the Asian market.

Upbit Singapore head Kim Kook-hyun was quoted by Yonhap saying, “As Singapore has proactively supported blockchain technology, our advancement into the nation will help us secure many chances to lead a variety of relevant projects and to have global competitiveness.”

In a statement, Kim said the new exchange will support crypto-to-crypto pairs as well as integrate the services of its partner exchange, Bittrex, to its system. For enhanced security, Upbit will have 24/7 real-time security monitoring and a firewall system.

Dunamu CEO Sigroo Lee said Singapore’s strong support for blockchain was one of the reasons they chose the Asian country as its first overseas destination.

“We don’t want to lose out on the opportunities now…If we wait until the Korean crypto exchange environment improves, we could lag behind our global competitors,” Lee said in a statement. Dunamu is also looking at expanding to other countries in Southeast Asia, as well as adding more crypto-to-fiat trading pairs to its system. Upbit, however, has no plans to create its own token, according to Lee.

Upbit is not the only firm interested in tapping into Singapore’s crypto friendly ecosystem. Japanese instant messenger, Line, chose Singapore as the home of BitBox, its crypto trading that launched in July. Binance is also running a beta test of Binance Singapore its recently launched exchange. Binance will also be pairing its native token with the Singaporean dollar.

As part of its launch, Upbit Singapore is offering free trading on the SGD market for 30 days from the launch date. To qualify, users will have to complete the sign-up process, including Know-Your-Customer (KYC) process Verification level 2, by Oct. 5.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post South Korea’s Upbit to open Singapore crypto exchange in October appeared first on Coingeek.

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South Korea’s Upbit to open Singapore crypto exchange in October

Kakao affiliate Dunamu, which operates South Korean cryptocurrency exchange Upbit, is gearing up to open a Singapore-based exchange in October, Yonhap News reported.

According to the South Korean news outlet, Dunamu opened a branch in Singapore in February, and now plans to launch a new crypto exchange in the country as part of its bid to tap into the Asian market.

Upbit Singapore head Kim Kook-hyun was quoted by Yonhap saying, “As Singapore has proactively supported blockchain technology, our advancement into the nation will help us secure many chances to lead a variety of relevant projects and to have global competitiveness.”

In a statement, Kim said the new exchange will support crypto-to-crypto pairs as well as integrate the services of its partner exchange, Bittrex, to its system. For enhanced security, Upbit will have 24/7 real-time security monitoring and a firewall system.

Dunamu CEO Sigroo Lee said Singapore’s strong support for blockchain was one of the reasons they chose the Asian country as its first overseas destination.

“We don’t want to lose out on the opportunities now…If we wait until the Korean crypto exchange environment improves, we could lag behind our global competitors,” Lee said in a statement. Dunamu is also looking at expanding to other countries in Southeast Asia, as well as adding more crypto-to-fiat trading pairs to its system. Upbit, however, has no plans to create its own token, according to Lee.

Upbit is not the only firm interested in tapping into Singapore’s crypto friendly ecosystem. Japanese instant messenger, Line, chose Singapore as the home of BitBox, its crypto trading that launched in July. Binance is also running a beta test of Binance Singapore its recently launched exchange. Binance will also be pairing its native token with the Singaporean dollar.

As part of its launch, Upbit Singapore is offering free trading on the SGD market for 30 days from the launch date. To qualify, users will have to complete the sign-up process, including Know-Your-Customer (KYC) process Verification level 2, by Oct. 5.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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