The Korea Internet and Security Agency (KISA) has recently approved a cryptocurrency exchange based in South Korea, Upbit. The exchange received an information security management system (ISMS) license. The information protection officer at KISA explained, “The government will continue to monitor and evaluate cryptocurrency exchanges to improve the standard of security employed by trading platforms.”
Dunamu Inc., a company behind the Upbit crypto exchange, has declared the opening of Upbit Developer Conference 2018 (UDC 2018). The event is scheduled to happen on 13th and 14th of September on Jeju Island, South Korea. The registrations for the event is to be kept open unveil 14th September. The first hundred registrants until August 31st would be rewarded.
Upbit has successfully passed an audit by the local financial authorities. The exchange has already been in the news for several months. It is reported that there is no evidence to prove that the exchange involved in trading manipulation. The Financial Services Agency initially conducted an investigation. It is clear that the Government has plans to legitimize bitcoins and other altcoins.
Both major cryptocurrency exchanges platform in South Korea that also plays a major role in the global cryptocurrency market, UPbit and Bithumb are currently facing backlash and criticism due to scandalous behavior. For UPbit, their investigation conducted by the South Korean Authorities have yet to be announced meanwhile Bithumb has been criticized for listing a premature cryptocurrency called Popchain.