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| Logo of the Upbit investor protection center / Courtesy of Dunamu |
By Yoon Ja-young
Dunamu, the operator of the country's largest cryptocurrency exchange Upbit, started tackling the problem of "information asymmetry" in the digital assets market. It includes translating whitepapers and business plans of digital asset industry players as well as offering overseas regulations and administrative orders in the Korean language. Upbit investor protection center, under Dunamu, is also working on a "digital asset guidebook" to establish proper investment practices.
At the Upbit investor protection center website, Dunamu is offering diverse information related to digital assets for free. Anyone can learn about a range of topics related to digital assets offered at three different levels ― basic, intermediate and advanced. Each of the topics requires between three and 10 minutes of reading.
The basic level, for instance, deals with topics such as initial coin offerings (ICO), security token offerings (STO), and Bitcoin halving. Topics for the intermediate level include differences between proof of work (PoW) and proof of stake (PoS), while the definition and mechanism of ERC-20 are presented for the advanced level.
To help investors learn more, digital asset-related information is provided in various formats, including card news and video. The center also launched its official YouTube channel in August for better access by investors.
All these projects by the Upbit investor protection center aim at providing the right information for all market participants and investors. While most of the information from the digital asset industry, which targets the global market, comes in English, investors in Korea have been mostly relying on social media due to the language barrier. There are numerous cases of those who fell victim to incorrect information as a result, and voices thus have been growing that investors should be equipped with a clear understanding of the digital industry and how it works.
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| Education materials provided at the Upbit investor protection center / Screen captured from Upbit investor protection center website |
Dunamu also has been offering whitepapers in Korean since August for investors to be better informed. It started translating whitepapers ― originally offered in English ― into Korean in February to help investors easily access information related to digital assets. Its translation team included not only translation experts but also those who have a lot knowledge of blockchain technology. The translated whitepapers are accessible via both the Upbit app and the Website of the Upbit investor protection center.
The translation took the spotlight as Upbit offers all whitepaper content in Korean. There were cryptocurrency exchanges that offered translation services, but they only included summaries of the entire document due to budget limitations.
Upbit currently offers Korean language versions for 36 whitepapers, but it plans to expand the translation service to cover all digital assets whose transaction is supported by Upbit.
The Upbit investor protection center also offers reports on the latest trends of digital assets overseas and legal information. It covers not only the U.S. and Europe but also Hong Kong and Dubai.
"We will continue efforts to nurture the digital asset market that is right and sound," an official at Upbit said.
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