[Seoul, Korea – March 18, 2020] In response to the passing of The Act on Reporting and Using Specified Financial Transaction Information by South Korea’s National Assembly, Dunamu and Upbit have made the decision to change the terminology for all assets traded on our crypto-trading platforms to “Digital Assets.”
Previously, both “Crypto-assets” and “Cryptocurrencies” were interchangeably used on our platforms. While the official language used in the new bill is “Virtual Assets”, we came to the conclusion that “Digital Assets” best reflects the global legislative trend of classifying cryptocurrencies as legally recognized assets, while providing the most accurate description of the type of assets traded on Upbit.
The change will be reflected across all Upbit platforms, in addition to our Terms of Use, Privacy Policy, User Guide and other official online material.
There will be no changes for our users service-wise, and we promise to continue our efforts to provide you with the most secure and reliable digital asset trading platform possible.