Kakao to Consider Own Token Listing, - Media

Kakao is considering two trading platform for a possible Klay token listing - one of them is in China, and the other is in South Korea
03 September 2019   427

South Korean tech giant Kakao is considering listing its own coin on the exchange. At the same time, the company can choose a platform for listing outside its home country, the local publication News1 reports.

According to media reports, at the moment, Kakao is considering two exchanges for a possible Klay listing - one of them is in China, and the other is in South Korea.

The company may force the company to abandon home jurisdiction. Some sources say that Kakao is too large a market player and plans to launch its own digital asset will not go unnoticed by the South Korean authorities.

According to the latest figures from the local Fair Trade Commission, Kakao's assets are 10.6 trillion won (about $ 8.8 billion), and KakaoTalk’s application has more than 400 million users, although only 10% of them are considered active.

Recall that Kakao announced the creation of a subsidiary of Ground X, specializing in blockchain technologies, and announced its own blockchain platform Klaytn in March last year.

The main network was launched in June, and in August the company announced the launch of its own cryptocurrency wallet Klip.

It is noteworthy that earlier in Ground X it was stated that Klay will not be traded on exchanges, as the coin is intended mainly for developers seeking to use the Klaytn public blockchain platform.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   233

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.