After the ban on the holding of ICO and cryptocurrency trading in China, local investors have defected to the South Korean market, whose members call this trend dangerous for their own companies, wrote Business Korea.
Many funded from China sites, including Zeniex, OK Coin and Gate.io settled in South Korea. Zeniex, for example, receives investment from the largest companies in China in the field of cybersecurity Qihoo 360 and is associated with cryptocurrency media companies Bishije and Jinse Chaijing. 18th largest exchange in the world Gate.io is also the Chinese platform, which now runs from South Korea. Last month, the market came OK Coin.
Cryptocurrency trading and their popularity continues to be on the rise in South Korea, while in this country there are strict rules in the field of check bitcoin exchanges, due to which it becomes an attractive jurisdiction for Chinese businesses looking for opportunities close to home.
While the ban on holding the ICO in China remains in force, on Tuesday, the National Assembly of South Korea has formally proposed to remove similar restrictions.
While the influence of foreign investment from China continues to grow, experts are beginning to wonder whether they will not push foreign companies their own stock exchanges with the market, if regulators do not take appropriate measures.
“Chinese exchange virtual currency while not competitive, but they are the key players in the international market”, — said the representative local industry of cryptocurrency. “If the market for virtual currency Korea will join the system, and the Chinese exchanges will be to support the accounts tied to real names, they will pose a serious threat to the Korean markets.”