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Bithumb gears up for a pioneering initial public offering (IPO), targeting a market shake-up against Upbit’s dominant 85% share in the virtual asset industry. In a move that aims to disrupt Upbit’s 85% stronghold on the market, Bithumb Korea is reportedly pioneering an IPO in the virtual asset exchange industry.  The strategy could underscore a trust-centric approach deemed crucial for regaining Bithumb’s leading position in the Korean crypto exchange space. The IPO will reportedly occur in the latter half of 2025, with a primary focus on a KOSDAQ listing and potential considerations for the KOSPI market under specific circumstances.  Bithumb IPO: A big step for the South Korean crypto currency industry. Bithumb, one of the largest crypto currency exchanges in the world and the largest in South Korea, is planning to go public on the South Korean stock market. This is a big step for the South Korean… — Nhu Nam (@NhuNam5) November 12, 2023 Amid the inten...

The passing of the Virtual Assets Act by the National Assembly in South Korea has prompted the government to enhance accounting transparency for virtual asset transactions, enabling companies issuing or holding virtual assets to disclose clear and detailed information. On July 11, the South Korea Financial Services Commission reviewed and approved the exposure draft for revising Corporate Accounting Standards No. 1001, incorporating mandatory disclosure requirements for virtual assets and establishing guidelines for the accounting treatment of virtual assets. New rules in South Korea Following the recent passage of South Korea’s Virtual Assets Act by the National Assembly, preparations are underway for implementing new rules.  The Financial Services Commission (FSC) has announced an amendment to the country’s Corporate Accounting Standards, prompting a Korean Accounting Standards Board review. These steps are being taken to establish comprehensive regulations for...

South Korea’s crypto bill aims to establish a basis for imposing penalties and liability for damages caused by unfair cryptocurrency trading. South Korea’s government is taking steps to protect crypto currency investors from implosions like Do Kwon’s Terra ecosystem by passing a new crypto bill. On June 30, the National Assembly passed the Virtual Asset User Protection legislation. The bill is designed to regulate unfair trade practices and protect crypto investors, the local news agency SBS Biz reported. The legislation reportedly integrates 19 crypto-related bills, providing a unified bill defining digital assets and imposing penalties for illicit trading activities like using undisclosed information, market manipulation and other unfair trading practices in crypto. According to local media, the main point of the Virtual Asset User Protection Act is to apply the Capital Market Act first to virtual assets with a securities nature. The legislation also aims to establish a basis for...

Makoto Inoue highlighted that Web3 socials are not limited to online platforms but can also be applied offline, putting records of having met people in the blockchain. As decentralized social media becomes one of the central topics at the Buidl Asia event held in South Korea, Cointelegraph spoke with Ethereum Name Service (ENS) developer Makoto Inoue onlineto find out more about Web3 social media , its potential to replace Web2 and the roles of ENS and the metaverse in this new social media paradigm.  According to Inoue, Web3 is “inherently social and distributed.” The developer highlighted that since it’s built on top of the blockchain, everything is transparent. This makes the blockchain a “social graph,” a graph commonly used to represent the interconnectedness of relationships in an online social network.  “It's already inherently permissionless and social . That's where ENS fits into. It's transparent but the addresses are human-readable. And by having the ENS...