[Bitcoin Now] Slight Drop to 78 Million Won Range... Miami Mayor: "Bitcoin Profits to Be Distributed to Residents"

Coinone, Third to Register as Virtual Asset Operator Following Upbit and Korbit

[Image source=AP Yonhap News]

[Asia Economy Reporter Gong Byung-sun] While the leading cryptocurrency Bitcoin slightly dropped to the 78 million KRW range, Francis Suarez, the mayor of Miami, USA, announced that he will distribute Bitcoin investment profits to residents. Meanwhile, Coinone, a domestic cryptocurrency exchange, received approval for its virtual asset service provider registration from the Financial Intelligence Unit (FIU) under the Financial Services Commission.

According to Upbit, a domestic cryptocurrency exchange, as of 3:28 PM on the 12th, Bitcoin recorded 78.35 million KRW, down 0.72% from the previous day. It hit an all-time high of 82.7 million KRW on the 9th but has been slightly declining since. It even dropped to 78.05 million KRW at 10:22 AM that day.

Mayor Suarez revealed plans related to cryptocurrency business again. On the 11th (local time), in an interview with cryptocurrency specialized media CoinDesk, Mayor Suarez said, “Miami will be the first city to return Bitcoin profits to residents as dividends,” explaining, “Miami Coin generated profits of 21 million USD (approximately 24.7716 billion KRW) over the past three months, which annualized amounts to about 80 million USD.” The 80 million USD is about one-fifth of Miami’s annual tax revenue of 400 million USD.

Miami Coin is a cryptocurrency issued in August by the Miami city government in partnership with the local cryptocurrency platform CityCoin. Miami Coin is used for cryptocurrency education funds, eco-friendly cryptocurrency mining, and other city infrastructure. Miami residents who stake a certain portion of Miami Coin (a service where cryptocurrency is deposited in an exchange and rewards are received) can receive rewards in Bitcoin or Stacks.

Mayor Suarez is a prominent Bitcoin advocate. On the 2nd, he announced on Twitter that he would receive 100% of his next month’s salary in Bitcoin. Additionally, when Chinese regulatory authorities pressured cryptocurrency mining companies in June, he lowered electricity rates to attract them to Miami.

Meanwhile, Coinone, a domestic cryptocurrency exchange, completed its virtual asset service provider registration approval from the FIU on the same day. This is the third approval following Upbit and Korbit, granted about two months after the registration on September 10. Going forward, Coinone will receive an official approval letter from the FIU after a certain period. Registered exchanges must immediately comply with anti-money laundering obligations under the amended Act on Reporting and Using Specified Financial Transaction Information, including the Know Your Customer (KYC) system.

This content was produced with the assistance of AI translation services.