Huobi and Okcoin Exchanges Decide to Postpone Launch in South Korea
The latest regulations announced by South Korea have definitely not been well received by investors and people working on the cryptocurrency market. In fact, because of the announced regulation, two major exchanges have decided to postpone their plan to launch services in the country.
The two cryptocurrency exchanges are original from China and have previously announced that they will start operations in South Korea.
However, the uncertainties on the cryptocurrency market here, mostly created by the government's regulations, have determined the businesses to postpone their launches on the South Korean market.
The main area of interest for both exchanges and investors when it comes to regulation in South Korea is linked to the potential introduction of a real-name identification system. Without a doubt, this would lead to the end of all anonymous trading of digital currencies on the South Korean market, which remains one of the largest cryptocurrency markets.
The authorities claimed that the new system will most likely be implemented starting with January 20. It remains unclear how this will impact the cryptocurrency market, but what is worth mentioning is that all regulations imposed so far on this market by South Korean authorities have been implemented by all major crypto platforms.
The government also previously placed a ban on new entries on the cryptocurrency trading market until the new verification system will be functional.
The Chinese exchanges(Huobi and Okcoin) planned to move to South Korea after closure in China
The Chinese government has definitely not shown too much support for exchanges, as it actually closed down its cryptocurrency exchanges in September. Following this decision, several exchanges turned their attention to other markets. Two of the big exchanges, Huobi and Okcoin, claimed that they will enter the South Korean market.
However, the latest regulations no longer make Huobi and Okcoin confident in making their launch on this market.