South Korean cryptocurrency exchanges seem to be cautiously returning their focus to domestic customers – with major platforms wanting to bolster their security networks and start large-scale promoting activities for the primary time since the govt was poised to shut them down.
This week, exchange giant Upbit and new established platform GoPax declared that they'd become the primary exchanges within the country to get an info security management system (ISMS) license from the Ministry of Science and Technology’s Korea internet and Security Agency (KISA).
The ministry has issued tips stating that internet-based firms within the country with over 1 million daily guests and/or revenues of USD one hundred million or a lot of should apply for an ISMS license.
And per Newspim, Upbit might preferably be followed by “three or four” different exchanges, who are presently waiting on KISA’s review of their applications. The media outlet quotes Upbit’s biggest rival, Bithumb, as stating it's “expecting to realize [a license] by the end of the year,” with Korbit additionally quoted as stating it's hoping to “announce the results” of its application “soon.”
Earlier this year, GoPax and Korbit claimed they'd shored up their security by gaining ISO 27001 certification.
There also are signs that exchanges are currently ready to resume aggressive selling efforts in South Korea, a country with population of over fifty one million. Exchanges voluntarily agreed to place a lid on promoting as an attempt to firefight the government’s stanchly anti-crypto policy with ministers talking ominously earlier this year a few possible China-style exchange ending.
Since then South Korean crypto-mania has quelled somewhat, and therefore the government has backed far from its hard-line stance. Exchanges have since bit by bit been testing the water, with sports event sponsorship deals, minor giveaways and small-scale promotional events, none of that have drawn a response from the govt.
However, Bithumb currently seems to be upping the ante. The platform says it's with success held cybersecurity workshops for a few 600 middle and highschool students at 3 colleges within the national capital metropolitan space. The Firm has additionally begun airing TV advertisements for the primary time since the govt vulnerable to clean up what it described as an “overheated” market.
To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now.