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One of South Korea's prominent cryptocurrency exchanges, Bithumb, has doubled down on its effort to solidify its position as a leading crypto trading platform in the country. Bithumb has recently announced its policy to offer the lowest withdrawal fees among all local crypto exchanges, while enhancing its user experience by upgrading the user interface (UI) and adding more features to its app, according to the local media outlet Kyunghyang Games.  Already one of the few qualified fiat-to-crypto exchanges in Korea and a member of Digital Asset eXchange Alliance (DAXA) – a consultation group of the top five local crypto exchanges – Bithumb aims to further strengthen its competitiveness in the market. Photo by Traxer on UnsplashLower withdrawal fees with trading fees already at 0.04%According to the press, Bithumb has announced to offer the lowest withdrawal fees in the local crypto scene to win the hearts and minds of investors. Under the updated fee policy, users are now charged 0.0008 BTC for withdrawing Bitcoin and 0.009 ETH for Ether. The exchange has also been known for offering one of the lowest trading fees at 0.04%.  Making the deposit limit increase easierBithumb has long been getting complaints from users over its relatively unfavorable user experience and cumbersome processes required to increase the deposit limit of their real-name accounts. In response, Bithumb has introduced a new in-app feature that simplifies such procedures, so that users can raise their deposit limit with ease.  Among users who joined Bithumb in March, those whose initial deposits have passed 30 days and who purchased crypto assets valued at over KRW five million ($3,700), are now eligible for the deposit limit raise, allowing them to deposit and withdraw up to KRW 500 million per day.  Enhanced user interface and user experience One of the newly added features is the "Even Faster Chart," which provides users with four times faster response times following its transition from "Web view" to "Native view."  Bithumb's Chief Operating Officer (COO), Moon Seon-il, stated that the exchange is improving its service in multiple ways, including offering the lowest fees, supporting multichain transactions and enhancing UI for users.  

South Korea and Canada have agreed to strengthen cooperation against cyber threats, including North Korea’s theft of virtual assets, following their inaugural cyber policy consultations.Photo by Hermes Rivera on UnsplashAccording to News1, South Korea’s foreign ministry announced that the talks took place at its Seoul headquarters. Both sides agreed on the need for closer coordination to effectively counter cybercrimes—such as North Korea-linked crypto theft and online scams—as well as emerging cyber threats driven by artificial intelligence. They also committed to exploring concrete avenues for bilateral cooperation. The delegations exchanged views on response mechanisms for the recent surge in cyber intrusions, sharing case studies on how such incidents have been handled. They also agreed to strengthen prevention efforts by improving information sharing and speeding up communication across multiple channels when incidents occur. The foreign ministry noted that the meeting marks a significant step toward enhanced cybersecurity cooperation, as the two nations share policy approaches and explore practical collaboration under their comprehensive strategic partnership. Bithumb staff form labor unionMeanwhile, employees in the crypto sector are beginning to organize to safeguard their rights. An exclusive report by NewsWhoPlus revealed that a labor union has been established at Bithumb, one of South Korea’s major crypto exchanges. The union has affiliated with the Federation of Korean Public Trade Unions, which operates under the umbrella of the Federation of Korean Trade Unions. The union stated it will serve as a forum to discuss and improve employee welfare and working conditions. In response, Bithumb said it is reviewing reports of the union’s formation to gather more details. The company emphasized its respect for employees’ rights and affirmed it will respond in accordance with relevant laws and procedures. Industry readies for stablecoin oversightElsewhere in the industry, companies are proactively positioning themselves for regulatory shifts. As South Korea’s Digital Asset Basic Act—the second phase of the country’s crypto legislation, which is expected to address assets like stablecoins—begins to take shape, businesses are moving early to prepare for the anticipated changes. Edaily reported that Lambda256, an affiliate of Upbit operator Dunamu, is forming a strategic consultative group focused on stablecoins. To this end, the company has signed a tripartite memorandum of understanding (MOU) with the law firm Yulchon and SAS Korea. Under the agreement, the partners will combine their expertise in blockchain technology, legal services, and data analytics. They aim to establish a joint framework to navigate key legal and regulatory issues surrounding stablecoins and other digital assets. This cooperation will encompass anti-money laundering (AML) protocols, financial crime prevention, internal controls, risk management, and the legal structuring of related product offerings. On the financial and regulatory front, the partners plan to refine practical AML compliance and internal control measures for financial institutions. By continuously analyzing shifts in digital asset regulations and broader market trends, they intend to develop practical compliance frameworks that financial firms and other businesses can readily adopt. 

Hong Kong Moves to Enable Retail Crypto TradeHong Kong’s Securities and Futures Commission (SFC) has moved to enable retail participation in crypto trading within the Chinese autonomous territory.The SFC has arrived at that determination, according to a report it published on Tuesday. The report, titled “Consultation Conclusions on the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators Licensed by the SFC (Note 1),” provides an overview of the nature of feedback the Commission received as part of its consultation process relative to virtual asset trading.Photo by Ben Cheung on PexelsRetail investor protectionIn the press release which accompanied the report, the Commission outlined that “a significant majority of respondents agreed to our proposal to allow licensed trading platform operators to serve retail investors.” On that basis, the SFC is moving forward in enabling retail trading of crypto assets through licensed virtual asset trading platforms effective June 1, and it’s setting out to do so while implementing a number of measures to protect retail investors.That will include ensuring that operators provide an appropriate on-boarding process. In the case of crypto asset projects, the SFC is determined to see to it that good governance is implemented, alongside enhanced token due diligence, admission criteria, and disclosures.In the statement, the SFC’s CEO Julia Leung, said that “providing clear regulatory expectations is the key to fostering responsible development.” She added that “Hong Kong’s comprehensive virtual assets regulatory framework follows the principle of ‘same business, same risks, same rules’ and aims to provide robust investor protection and manage key risks. This will enable the industry to develop sustainably and support innovation.”Specific conditionsOne item that the SFC’s new rule-book on virtual asset trading for retail investors outlines is a ban on crypto “gifts.” Effectively any promotions or incentives that lead with free gifts, and this will likely include token airdrops, will be prohibited.In terms of capital liquidity, virtual asset exchanges will be required to maintain a minimum of 5,000,000 Hong Kong dollars ($638,000) at all times as a minimum paid-up share capital. A Platform Operator must at all times maintain liquid capital which is not less than its required liquid capital,” the document outlines.Token due diligenceThe SFC acknowledged that it can be difficult for virtual asset exchanges to carry out due diligence on new tokens. With that in mind, it has incorporated a requirement for any new token to have a twelve-month track record before it can be considered to be listed to provide an indication of such things as supply, demand, maturity, and liquidity. In that way, exchanges have some data to work with in carrying out token due diligence.Smart contracts have been a point of weakness in recent years, with considerable sums lost through hacks that have exploited smart contract code vulnerabilities. To that end, the SFC insists that as part of token due diligence, new assets will have to undergo smart contract audits performed by independent assessors.Given that the spate of recent crypto platform failures implicated loss of customer deposits, the rule-book considers the need for segregation of client funds. Exchanges will need to segregate funds and can either hold them separately from the assets of the exchange itself or have them held in escrow.