Two major chinese exchanges digital currency have delayed their launch in South Korea, due to the uncertainty surrounding the regulation of the government, the regulators are currently working on an identification system that will put an end to the trade of the anonymous crypto-currencies in the country.
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Investors need to be patient
Since the chinese government has closed the companies of trade of crypto-currencies in September, two of the largest platforms in the country are preparing to enter sue the south Korean market. Huobi and Okcoin have delayed their launch in South Korea due to the tightening of the regulatory framework related to this technology, reported the media in south korea Herold. Okcoin has established a subsidiary called Okcoin Korea in October with a plan to start a service of trading in December 2017. Initially, the company has proposed 10 crypto-currencies, including Bitcoin, Bitcoin to Cash, Ethereum. However, the media reported that plans have been abandoned at the last minute because of the increasing uncertainties regarding the regulatory changes.
Source : Vimeo
Huobi has also plans to start a business of trade in South Korea. The company recently joined with SBI Holdings, Japan, to start its activities in the country. According to Nikkei, SBI will acquire 10 % of the shares of the subsidiary of south Korean Huobi. In November, the CEO of Huobi, Li Lin, told the Korea Times that they were preparing to establish a subsidiary in Korea to compete with Bithumb.
A regulatory framework is still uncertain
In December, regulators in south korea have made several announcements regarding the regulation of digital currencies. The most recent concern trade anonymous crypto-currencies. The government is in the process of developing a system of identification and should put an end to the practice of the trade anonymous by January 20, 2018.
Currently, this practice is possible through the use of virtual accounts. Until now, all the major companies of crypto-currencies of the country were in compliance with these various regulatory measures.
Source : NewsBitcoin