Bithumb to invest over $8M in local ‘regulation-free’ zone for blockchain development

Exchanges • January 9, 2020, 4:20AM EST
UPDATED: January 9, 2020, 11:17AM EST
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South Korea’s largest cryptocurrency exchange Bithumb is set to invest 10 billion won (~$8.6 million) in Busan city’s “regulation-free” zone for blockchain development.

The country’s Ministry of SMEs and Startups announced the news on Thursday, saying that Bithumb will invest via its subsidiary GCX Alliance.

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Bithumb and Korea's Financial Services Commission will discuss more details about the investment later this month, according to a report from News1 Korea. With the investment, Bithumb could launch several blockchain-based financial services in Busan, per the report.

Busan, Korea’s second most populous city, was declared a “regulation-free” zone for blockchain development by the ministry in August. At the time, the ministry said that Busan would host a wide range of blockchain offerings related to finance, public safety and tourism.

Just last month, Bithumb was hit with a massive tax bill of around $69.5 million by the country's National Tax Service.

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