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South Korean crypto exchange Upbit is planning to expand internationally.

South Korea is set to introduce a tax on digital currency transactions by 2022. Qualifying transactions will be subject to a tax rate of 20%.


South Korea’s top cryptocurrency exchange UPbit is planning to expand its operations in the international markets, especially in Southeast Asian countries. CEO of Upbit operator Dunamu, Sirgoo Lee, revealed the crypto currency’s future expansion plans while speaking at CoinDesk‘s Consensus. “We’re looking to expand overseas,” Upbit CEO said. “We did open shop in Southeast Asia, and we are expanding our exchanges in that location.” The crypto industry has gained a lot of mainstream exposure this year.

 

Upbit expanded its services to Thailand earlier. 

Earlier this year, Upbit launched services in Thailand after obtaining four cryptocurrency-related operational licenses from the country’s regulators. The crypto exchange perfectly timed the market as the leading Thai crypto exchange, with around 97% of the local market was facing regulatory backlash amid technical troubles. The South Korean crypto exchange first entered the region in 2018 with offerings in Singapore and later expanded to Indonesia. Though the crypto exchange CEO revealed the expansion plans, the specifics are not clear.

 

Upbit is one of the big four South Korean crypto exchanges. 

The South Korean crypto exchange might have plans to enter the non-fungible tokens and decentralized finance space. Lee said the company is exploring ‘various possibilities’ without going into the details. Upbit is one of the big four South Korean crypto exchanges, but it has its fair share of controversies. The crypto exchange was hacked in November 2019, resulting in the theft of Ether, which was worth around $50 million at the time. However, the crypto exchange revamped its security features after the breach. Korean authorities raided the crypto exchange over allegations of selling cryptocurrencies that it does not even hold. However, those charges did not stand against the exchange.



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