."Upbit is the primary trading exchange in Korea that interacts with the crypto-ecosystem and serves as one of the few crypto-exchanges permitted to accept fiat currency."
Upbit was one of the few Korean cryptocurrency exchanges that survived regulatory scrutiny. Cryptocurrency exchanges in Korea had to obtain a security certificate from the country's internet security agency by September 24 in order to be recognized as legal trading platforms, and secure partnerships with banks to ensure trading accounts are held by real people. Dozens of exchanges were not able to obtain the security certificate and had to close down.
"While the crypto-ecosystem is still in early phase of development and the adoption of crypto-currencies as an asset class remains to be proven, blockchain technology and crypto-currencies as digital assets are increasingly gaining store-of-value credibility demonstrated by the growing number of institutional investor participation and increasing regulatory clarity,” adds Oh.members in the form of non-fungible tokens, which have exploded in popularity this year.
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