Bithumb Promotes First IPO to Debut on Kosdaq
Bithumb, the Korean cryptocurrency exchange, promotes public offering (IPO). Bithumb Korea, which operates Bithumb, has recently selected Samsung Securities as a listed host and is working on IPO.
Bithumb Korea was established in 2014 under the name of 'BTC Korea.com' and has been in the business of developing and supplying Bithumb and related software for the digital asset exchange. Bithumb is Korea's No. 1 exchange based on the volume of digital assets, achieving the world's No. 1 trading volume in July 2017.
Currently, the largest shareholder of Bithumb Korea is Bithumb Holdings (formerly BTC Holding Company) with a stake of 74.1%. It is reported that Chairman Lee Jung-hoon of Bithumb Holdings is directly and indirectly holding about 65% of the stake and exercising practical control.
If Bithumb Korea succeeds in IPO, it is meaningful in that it is the first case to be listed on the stock market as a Korea exchange. Industry officials pointed out that the background of the Bithumb IPO implementation is that the Korea government has recently begun to discuss taxation plans for digital assets and push for entry into the system.
Indeed, on the 17th, Hong Nam-ki, the deputy prime minister of the economy and the Ministry of Strategy and Finance, said, "The issue of taxation of digital currency will be included in the tax reorganization as a way for the government to tax in July." In March this year, the Korea National Assembly passed the'Special Financial Transaction Information Act (Special Act)' that contains regulations on digital assets and related exchanges.
An industry practitioner said, "Even if the business itself recognizied as legal and meets the listing criteria, not all IPOs are successful. In the screening process, strictness such as corporate continuity, transparency, and investor protection-related examinations are required."