OKCoin Exchange to Launch in South Korea
Previously, the most significant exchange in cryptocracy in China, OKCoin will launch a Trading platform in the South Korean market following the history of its competitor Huobi.
Yesterday, on January 19, local media outlets in South Korea reported that NHN Entertainment, one of the most prominent multi-billion dollar game developers in the country that operates Hangame.com, has partnered with OKCoin to develop an exchange within the local cryptocurrency market.
According to South Korean media outlet News 1, OKCoin plans to list more cryptocurrencies than Bithumb and UpBit combined. Both exchanges which have integrated 10 and 30 cryptocurrencies respectively. Both Bithumb and UpBit are run by some of the country’s most influential conglomerates including Kakao’s Dunamoo. Korbit, the third largest cryptocurrency exchange market, is operated by NXC, a $10 billion gaming company.
To compete with local trading platforms such as Bithumb, Korbit, UpBit and CoinOne, OKCoin has partnered with a large conglomerate of NHN Entertainment to secure sufficient resources and capital to meet the needs of the South Korean market. OKCoin will also integrate 60 cryptocurrencies at launch, more than all cryptocurrency trades on the local market combined.
Chris Lee, the president of OKCoin, told News 1 that the company is currently hosting 100 full-time developers and aims to evolve towards a global change in crypto exchange. Lee pointed out that, for OKCoin to expand internationally, South Korea is an essential market for the company.
Last month, Huobi, another vital exchange of Chinese cryptocracies that migrated to Hong Kong’s cryptocurrency market, announced its association with the Japanese financial giant SBI Holdings to expand into the Japanese and Seoul markets.
Due to the recent abolition of cryptocurrency trading by the Chinese government, commercial platforms in the Chinese market have begun to seep into other major Asian regions, such as South Korea and Japan.
Apart from OKCoin and Huobi, ten more cryptocurrency exchanges are expected to start in the South Korean cryptocurrency exchange market in the next few months.
If the South Korean crypto market is unstable and a commercial ban is imminent, cryptocurrency trading platforms would not allocate millions of dollars in development and compliance to develop into the South Korean the market.
Exchanges including Bithumb, Korbit, and Coinone, as well as exchanges overseas like Huobi and OKCoin are positive concerning the regulatory roadmap of the South Korean government, given that the government has assured that a cryptocurrency trading ban will not be imposed.
The Chairman of the Fair Trade Commission of South Korea Kim Sang-Joo stated that:
“Banning cryptocurrency exchanges is not realistically plausible. Based on electronic commerce law, the government does not have the authority to shut down cryptocurrency trading platforms.
Ruling from the angle of an economist, it is not a fair and transparent decision to ban the economic activity definitively. Whether it is excessive speculation or not, the gain or the loss is the responsibility of the investor.”
Given that the South Korean government has officially refuted the claims of the Justice Minister and rejected the cryptocurrency trading ban proposal, more cryptocurrency exchanges from overseas markets will expand into the local market, to address the exponentially increasing demand for bitcoin and other cryptocurrencies in the global market.