South Korean authorities refutes crypto ban rumours

Head of the Financial Services Commission (FSC) Che Yonku said that to ban cryptocurrency exchanges serious legal grounds are needed
28 December 2017   1018

A number of media reported that the South Korean authorities intend to ban the activities of cryptocurreny exchanges. The source of the false information was a local publication that referred to a government official close to the decision-making center.

This news appeared against the background of inspections in the offices of cryptocurrency exchanges and the general negative position of the South Korean government regarding the cryptocurrency industry. The country's Prime Minister even declared that digital currencies "corrupt youth". He also ordered the formation of a working group to study crypto currency as a tool for creating financial pyramids and speculative schemes.

In addition, South Korea has become one of the few countries that have decided to completely ban the ICO, which already speaks in favor of the determination of the authorities. Financial companies are also prohibited from interacting and trading crypto-currencies.

However, the head of the Financial Services Commission (FSC) Che Yonku said that to ban cryptocurrency exchanges serious legal grounds are needed.

The authorities intend to regulate the activity of cryptocurrency exchanges within the framework of improved AML-legislation, but not to prohibit them.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   79

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.