TechFlow reported on October 23 that Upbit, a South Korean cryptocurrency exchange, has recently launched a series of memecoins consecutively, drawing industry attention. According to analysis from the Crypto Pojangmacha (포장마차) community, Upbit's strategy involves prioritizing memecoins already traded on other South Korean exchanges to reduce regulatory risks.
Observations show that all newly listed memecoins on Upbit were previously available on Bithumb. South Korea implemented the "Virtual Asset Consumer Protection Act" on July 19, 2024, which stipulates that tokens without development teams or roadmaps—most memecoins fall into this category—must be listed on major overseas exchanges for at least two years before being eligible for listing on domestic exchanges.
The memecoins listed on Bithumb all met the requirements prior to July 19. This implies there may be no new memecoin listings on South Korean exchanges in the short term. Currently, apart from Upbit and Bithumb, Coinone has also listed memecoins such as BOME, SUNDOG, and MYRO.
