ABCC, a Singapore digital assets exchange has officially announced plans to enter the lucrative South Korean Crypto market. The new move will enable the company to reach more people leading to an increase in customer base and trading volume. Crypto regulations have helped the East Asian country to emerge as the most preferred destination by Cryptocurrency firms worldwide. Currently, Seoul’s virtual currency market is the third largest in the world.
ABCC To Open In South Korea
AlphaBit Cryptocurrency Exchange (ABCC) said on Tuesday that it will introduce its services in South Korea. The Singapore-based Cryptocurrency exchange entered East Asian market last month when it opened its Korean website. The exchange has said a mobile trading app will be ready as early as next month.
On Tuesday, ABCC’s CEO Calvin Cheng held a press conference to announce the move. The exchange’s officials quoted their head saying the South Korean Crypto market as one of the world’s most active ones. He added that he is happy for getting an opportunity to operate in the country. He also said that their main goal currently is not to earn profits but to provide the locals with safe trading services.
How ABCC Works
AlphaBit Cryptocurrency Exchange (ABCC) was launched in April this year. The mining-type exchange has its own coin called AT that is shared by its investors. The company shares 80 percent of its commission fees with AT holders in the form of Bitcoin. And to incentivize the token holders to stay longer, the exchange pays dividends to only those who hold the Cryptocurrency for over a week. Currently, the exchange ranks 19th in terms of trading volume.
South Korean Crypto Market
Since the emergence of Cryptocurrency and blockchain technology almost a decade ago, South Korea has taken a bold step to embrace the innovation. Whereas some countries have opted to ban the virtual currencies, the country has chosen to regulate the sector getting praise from important players in the sector.
South Korea’s Crypto-friendly policy has helped in enabling the country to have one of the most advanced Cryptocurrency industries in the world. Prominent Crypto investors have established various businesses in the country providing employment opportunities to many. Moreover, these companies have come up with products that have helped in improving the face of the digital assets in the country and beyond.
Seoul’s Crypto policy has allowed the local people and businesses to enjoy the benefits associated with this innovation. Furthermore, it has enhanced Crypto knowledge in the East Asian country. The Cryptocurrency market has experienced tremendous growth and now ranks third in size.
Countries wishing to catch up South Korea in Cryptocurrencies have a lot to do. Regulatory bodies in some jurisdictions send their senior officials to this country to learn how the government is succeeding in regulating the sector. Others such as Belarus and Uzbekistan have chosen to cooperate with the country in establishing their Crypto markets. This approach involves not only collaborating in Crypto-related projects but also luring Korean Crypto investors into the new markets.