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Chinese Exchanges seeking New markets outside China Amidst Intense Bitcoin Crackdown

Oct 29, 2017 Posted /  5040 Views

Chinese Exchanges seeking New markets outside China Amidst Intense Bitcoin Crackdown

China Not Conducive for Bitcoin

In a recent crackdown on cryptocurrency tradings and Initial Offerings (ICO) Chinese Bitcoin exchanges are considering shifting their Businesses to Japan and other possible Asian Countries. Most of the exchanges are having high hopes that they can still get enough demand for their services outside of China. The financial Market director at Okex Exchange Mr. Lennix Lai commented that there is abundant demand for exchanges services. He added that his company Okex Exchange once operated in China and is doing good currently in Hong Kong.He finalised saying it’s the right time for the firms to embrace a global competition. Whether the chinese Government will ease on these Regulations to allow Bitcoin and other cryptocurrency once again operate in China is still not Known. For the meantime Businesses that intend to survive can do it by moving out of the country.

How Japan is welcoming the Foreign Companies

In april this year Japan Legalized the use of Bitcoin as a method of payment in the country, it put in place the required regulations that will foresee the activities in the cryptocurrency industry. The industry is being regulated by the Financial Services Agency (FSA), a government agency that oversees Japan’s Banking, insurance, securities and exchange sectors. It’s a requirement that every company to open Business relating to cryptocurrency in Japan must register and be licensed by the FSA. Luckily the exchanges have so far up to eleven Bitcoin exchanges from China to Operate in Japan. Some exchanges however wants to blend with the existing market conditions by finding Local partners in Japan. Some of these exchanges like Binance and Bixin from Hong Kong and Beijing respectively are looking to find local partners in Japan.

Possible Alternatives for the Chinese Exchanges

Chinese retailers  are currently seeking Bitcoin Exchange services from foreign countries including singapore. Retailers want these external exchanges to list their tokens for exchange on their sites so as to remain in Business following Beijing’s harshness.  Mr Kagayaki Kawabata, International Business Developer at Coincheck recently told global times that,

We receive Hundreds of requests from chinese retailers and from other retailers around the world to lists their tokens. Japan is open to list all these tokens only they should meet the requirements we will set

Amidst these storm of uncertainty some chinese exchanges have resorted to P2P selling and buying of Bitcoins via social media sites. Telegram is the most used platform for these operations as it easy to manipulate for automatic trading using bots. Some exchanges from China are looking for possible spots in south korea and singapore. However all these two countries have not yet put in place a regulatory framework for cryptocurrency.

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