Bithumb, a major Korean cryptocurrency exchange, announced the new listing of two stocks yesterday.
The target companies are MAGIC and RAD (Radworks), and will be offered in the Korean won currency pair.
Both stocks soared about 10% following the listing news.
MAGIC is a gaming ecosystem based on Ethereum L2 Arbitrum and aims to be the “Nintendo” of Web3. Radworks is a decentralized open source community dedicated to “Internet Freedom.”
Regarding Bithumb, a Web3 gaming stock called Big Time was also listed on the market in November last year, suggesting speculative demand for gaming stocks.
South Korea has historically been known for its high level of cryptocurrency speculation, and in past bull markets there was a “kimchi premium,” where asset prices were higher than in other countries’ markets. According to September 2023 data from South Korea’s National Tax Service, taxpayers who filed taxes this year own a total of 131 trillion won (14.5 trillion yen) worth of virtual currency overseas.
connection: Approximately 5.4 billion yen additional tax on South Korean game company WeMade, focus on tax treatment of virtual currency WEMIX
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— CoinPost (virtual currency media) (@coin_post) December 21, 2023