Coinone CEO Wants to Help Korean Regulators
During the Bitcoin expansión, South Korea made a name for its self spil the little country with a big appetite for digital assets. The country of 50 million became one of the largest markets for Bitcoin and Ethereum last year and the cryptocurrency exchange Coinone had a lotsbestemming to do with that.
Cha Myunghun, CEO of Coinone, spotted his exchange grow from 20 employees at the beginning of to overheen 100 presently. Coinone serves 643,000 users and reached 23.Four billion Won ter revenue during December according to Forbes. Cha admits that the mass popularity of Bitcoin te may not have bot good for the market but it wasgoed fine for his company.
Now Cha wants to ensure the healthy growth of his company and the market by expanding his services and working with other exchanges to help guide regulatory practices te the country.
Cha realized the potential of blockchain technology after reading Bitcoin’s white paper more than four years ago. Spil a white hat hacker and cybersecurity engineer, he instantly eyed the opportunities te the remittance market for cryptocurrency spil a cheap way to transfer money abroad.
He established Coinone ter 2014 and since then has kept ahead of rival exchanges by setting rigorous technological standards for and making public the technological aspects of listed coins.
Spil the acute rise te the cryptocurrency market te late became the steep slide of early , South Korean regulators began to make extreme and often conflicting comments about what might toebijten with the restringido market. There have bot rumors that cryptocurrency trading and ICO’s will be banned altogether while regulators find their footing.
Speaking to Forbes Cha said he is certain that the country will not geobsedeerd cryptocurrency trading, telling that,
“It’s unavoidable for the government to be worried with cryptocurrency. But extreme measures such spil the shutdown of exchanges would be going too far against the completo trends,”
Expanding Services and Self Imposed Regulation
Cha sees the origin of the regulatory problem is that those making the decisions don’t know enough about the technology behind cryptocurrency. Which is why he and other South Korean crypto leaders have taken an active role te educating government officials spil well spil setting self-imposed rules on their own exchanges like Know Your Customer (KYC) tactics and boundaries to how many accounts users can open.
Closer to huis Cha plans on growing Coinone into a diverse fintech company that provides a host of services including exchange, remittance, and insurance. The very first of thesis expansions will launch ter May spil part of a snaak venture with other Southeast Asian crypto exchanges.
Ter regards to his future plans for Coinone Cha told Forbes “Last year wasgoed a good year for us, with the investment éxito. But wij need to display the value of blockchain technology, and I want Coinone to keep progressing overheen the next Ten years,”