• Bithumb will be launching the Internet computer protocol (ICP) today.
• The new regulations in South Korea are coming into force next month.

Bithumb, the second-largest cryptocurrency exchange in South Korea, has announced the launch of the Internet Computer Protocol (ICP) Korean Won (KRW) trading market to commence on June 12, 2024, at 20:00.

The launch of the ICP-KRW trading pair is expected to provide more possibilities and facilitate liquidity in the market. This move comes in at the time, when new South Korean cryptocurrency regulations coming into force in July. However, the exchanges are building up efforts to list coins. These changes are part of the government’s strategy to monitor the rapidly growing digital asset market. That will ensure enhanced security and compliance. Exchanges are to implement strict anti-money laundering measures, enhance user verification, and ensure the protection of assets. 

Notably, South Korea’s Financial Services Commission published a new set of guidelines for regulating NFTs on Monday. The regulators will maintain the mass-produced NFTs that have become exchangeable as cryptocurrencies. With that, some NFTs may receive interest when deposited in an exchange, as per the notice issued late last year by FSC. Which suggests virtual assets on crypto exchanges to be eligible for interest generation.

Strategic Move with ICP?

The Internet Computer Protocol (ICP) is a blockchain project developed by the DFINITY Foundation. It enables to continue the functionality of the Internet by enabling decentralized software and services directly on the blockchain. ICP is a utility token of the Internet computer blockchain used for governance, node provider rewards, storage, and transaction fees. Besides, this is an additional benefit to Bithumb’s trading portfolio. 

ICP is a layer 1 project built on the Canister smart contracts. It look for Web3 DApps to store data without the need for cloud computing services. In the case of using ICP, applications can be monitored without a central server or cloud computing service by using a scalable smart contract for ICP.

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