OKCoin Coming to South Korea
South Korea is becoming the epicenter of bitcoin exchange as bitcoin is one of the hottest points in Korea at the moment. Laws are being written as we speak to regulate this industry as thousands are getting rich off cryptocurrency exchanges. Cryptocurrency exchange OKCoin is will be launching in South Korea as early as February. OKCoin is a digital asset trading platform based in Beijing. They provide spot trading services between the US dollar, Euro, and Japanese Yen as fiat currencies. As well as, Bitcoin, Litecoin, Ethereum and other digital assets to customers around the globe. Now they will provide trading services for the Korean Won.
OKCoin will be partnering with NHN Entertainment which is a South Korean developer, publisher, and distributor of mobile and PC games. They were originally known as Hangame Communications, Inc. The run hangame.com and has more than 20 million total users which is who they would like to target. The partnership has not officially been finalized but the news is growing that it could form at any moment.
From China to South Korea
The relationship between China and South Korea was hurt in late 2016. The reason for this was because of the THAAD missile situation. But things have started to improve in 2017. OKCoin was founded in China in 2013 but due to Chinese regulators, they had to shut down their business in 2017. Since 2017 they focused more on markets outside of China where the crackdown on cryptocurrency exchanges has not been implemented. These international markets like South Korea hold the key to their success.
OKCoin Korea is already up and is taking pre-orders for cryptocurrencies which is great timing since UPbit is no longer accepting new accounts. The hope for OKCoin Korea is to offer 60+ digital currencies to be traded against the Korean won. They are acting fast because the Korean government is slowly trying to crack down on cryptocurrency trading activities. What kind of restrictions or regulations the South Korean government will enforce is still a mystery at the moment. But as of now, OKCoin is following all current regulatory requirements. The sign that OKCoin is willing to come into Korea despite the current Korean government crackdown on cryptocurrencies shows that they have faith that the free market approach will win out in the end due to public pressure and the high benefit deregulation will have on the Korean economy.