Okcoin To Set Up Shop In South Korea

China’s ongoing war against cryptocurrency seems to have changed the game for many cryptocurrency stakeholders in the country. Among those that have been affected is the Okcoin cryptocurrency exchange which is reportedly planning to start operating in South Korea.

OKcoin was previously based in Beijing, China and it was the largest cryptocurrency exchange in the Asian country. However, the Chinese government has been cracking down on cryptocurrency exchanges and cryptocurrency miners in the country. As a result, the firm has remained focused on the international markets.

A recent report by The Korea Times claims that the Okcoin exchange is working on teaming up with a Korean developer called NHN Entertainment to commence its operations in South Korea. The Korean-based developer publishes and distributes PC and mobile games. However, the rumored partnership will reportedly be centered on equity investment. This investment from NHN will provide Okcoin with the necessary resources that it requires to compete effectively against other players in the same country such as UpBit, Korbit, and Coinone.

Okcoin is planning to have more than 60 cryptocurrencies being traded on its platform and this will make it a more attractive option compared to Korean rivals. Platforms such as Bithumb and UpBit have roughly 10 to 30 cryptocurrencies being traded on their platforms.

The announcement about Okcoin setting up its operations in South Korea is quite surprising considering that there had been rumors that South Korea was also planning to implement strict laws against cryptocurrency trading. However, the company’s decision to commence operations in the country suggests that those rumors might not be true. Okcoin is expected to commence operations in South Korea as soon as February 2018. It has already set up a Korean website for the trading platform through which it has started to accept to accept cryptocurrency preorders prior to the official launch.

Numerous other cryptocurrency exchanges have been eyeing South Korea especially after they were discouraged from operating in China. This has fueled speculation that South Korea might also follow suit in the interest of avoiding things such as tax evasion and money laundering. However, the country’s government recently reported that it will not impose bans against cryptocurrency investors after the trading community expressed complaints against impending bans. It thus looks like the Asian country might be the ideal place for Okcoin to set up shop.