Bitcoin Regulation

Japan and Korea Officially Approve Their Biggest Crypto Exchanges

Georgi Georgiev | Jan 11, 2019 | 09:00

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South Korea’s Internet & Security Agency (KISA) has granted an important certification to the country’s leading cryptocurrency exchange Bithumb. Meanwhile, in Japan, Coincheck, the country’s largest exchange, is now registered with the Financial Services Agency. 

Bithumb Granted ISMS Certification

Cryptocurrency exchange Bithumb has managed to obtain Information Security Management System certification from the country’s KISA.

According to the official release, this is the highest certification system in the country. Cryptocurrency exchanges, which earn more than $8.99 million are required by law to obtain this certification.

The company says it will continue working on increasing its security. Speaking on the matter, a Bithumb’s representative said:

We are going to continue to establish the industry’s best security system that can be safe and trustworthy. […] We are going to become a global business that will lead the cryptocurrency exchange market by establishing a safe and trustworthy cryptocurrency exchange.

In July 2016, Bithumb was hacked, resulting in the theft of more than $31 million worth of cryptocurrencies. The company confirmed that it will reimburse all affected users.

Japan’s Coincheck Completes FSA Registration

In another important event, one of Japan’s bigger cryptocurrency exchanges has managed to complete the registration process under the Registration Review Process of Virtual Currency Exchange issued by the country’s Financial Services Agency.

At the beginning of 2018, Coincheck was also hacked resulting in the theft of $420 million in XEM tokens. The company compensated its users and later got acquired by Monex Group – a Japanese-based financial services firm.

Korea and Japan are both prominent countries when it comes to bitcoin trading. According to Coinhills, the Japanese Yen (JPY) is the second most traded national currency for bitcoins after the USD, comprising almost 42 percent of all trading.

The Korean Won (KRW), on the other hand, is the third most traded national currency for BTC.

What do you think of Japan and South Korea approving some of their major cryptocurrency exchanges? Don’t hesitate to let us know in the comments below!

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