Bithumb is set to launch the Internet Computer Protocol (ICP) today, marking a significant milestone in the world of cryptocurrency. This announcement comes as new regulations are set to take effect in South Korea next month.
As the second-largest cryptocurrency exchange in South Korea, Bithumb has revealed plans to introduce the Internet Computer Protocol (ICP) Korean Won (KRW) trading market on June 12, 2024, at 20:00. This move is expected to bring more opportunities and enhance liquidity in the market, aligning with the evolving landscape of digital assets.
With the impending changes in South Korea’s cryptocurrency regulations, exchanges like Bithumb are ramping up efforts to list new coins and comply with stringent anti-money laundering measures. These regulatory adjustments are part of the government’s strategy to monitor and secure the rapidly expanding digital asset market, ensuring user protection and compliance.
In a recent development, the Financial Services Commission of South Korea has issued new guidelines for regulating NFTs, classifying them as exchangeable assets similar to cryptocurrencies. This move opens up the possibility for NFTs to generate interest when deposited on exchanges, in line with the notice issued by the FSC late last year.
The Internet Computer Protocol (ICP) is a groundbreaking blockchain project created by the DFINITY Foundation, offering decentralized software and services directly on the blockchain. Serving as a utility token on the Internet computer blockchain, ICP facilitates governance, rewards for node providers, storage, and transaction fees, adding value to Bithumb’s trading portfolio.
Built on Canister smart contracts, ICP operates as a layer 1 project enabling Web3 DApps to store data without relying on traditional cloud computing services. By utilizing ICP, applications can be run without a central server, utilizing scalable smart contracts for enhanced monitoring and security.
In other news, Baby Doge Coin has reached a new weekly high following its recent listing, showcasing the dynamic nature of the cryptocurrency market.
