The world of cryptocurrencies in South Korea could be set for a major shake-up with leading cryptocurrency exchange Bithumb hoping to launch an initial public offering (IPO).
Per Money Today, Bithumb has already selected Samsung Securities as its host and has “begun work” on the IPO preparation process.
However, the same media outlet says that the process could be fraught with difficulties due to the fact that so little is known about the makeup of the company’s shareholders. Money Today also states that “uncertainty about business continuity, taxation issues, investment protection and social reputation issues” could prove stumbling blocks.
A South Korean crypto industry insider who asked not to be named told Our that a recent thaw in Seoul crypto policies might not be enough to give legitimacy to cryptocurrencies in the country. He said that Bithumb’s IPO bid “would need to be very well-prepared indeed if it is to succeed.”
The insider added,