Following the crackdown in China when Chinese government ordered to shut down all the cryptocurrency exchanges in the country but cannot change the inclination of crypto enthusiast.
Following the ban on ICOs and exchanges now Chinese investors and exchanges found the opportunity in Korea so investors and exchanges moving in Korea for their operations and it seems that they will definitely dominate the market in near future.
Multiple Chinese exchanges like Zeniex, OK Coin have set their presence in Korean market because of harsh restrictions in China presence is so evident that China’s largest security company Qihoo 360 invested in Zeniex exchange which now starts its operation in Korea.
The Korean government is not that much strict in establishing the cryptocurrency exchange so that these exchanges showed their interest to establish in Korea, Even malta also invited many cryptocurrency exchanges to come and operate from their country and it will provide all basic infrastructure and lenient regulations to operate.
World’s 18th largest cryptocurrency exchange Gate.io which earlier based in China now also moved in Korea.
South Korea’s National Assembly announced yesterday that ban on ICOs be lifted and regulators will take a soft approach for the cryptocurrencies as financial assets.
According to an official of the local market
“If the Korean virtual money market moves into the system and Chinese exchanges receive real name accounts in the future, the Chinese exchanges will become a big threat to Korean exchanges.”
Experts assuming that if the mass incoming of these foreign companies cannot be regulated properly then it definitely become a threat for the local market as if Chinese exchanges dominate then they control entire digital currency market of Korea which is a serious point to ponder.