South Korea’s ICOs Ban skipped over by Startups

  ICOs ban of South Korea might have slacked things down, but it hasn’t commonly stopped the flow of new digital coins on local exchanges
17 April 2018   568

Startups in the country have not shut the door on this basic method, despite the ban, and are instead domiciling their ICO abroad and then listing their currencies on South Korean exchanges. South Korea gave way its restriction on the cryptocurrency markets in September 2017, when it banned ICO listings in the country, as CCN  reported earlier. The move influenced greatly on the cryptocurrency trading volumes there, where the bitcoin price is known to trade at a hefty premium versus other markets.

Meanwhile, the flow is starting to turn for ICO issuers, as proved by ICON (ICX), a new coin developed by Seoul-based fintech DAYLI Financial Group but issued in Switzerland. The ICON Foundation is registered in Switzerland but functions out of Korea.

Major two cryptocurrency exchanges of South Korea, Bithumb and Upbit, keep Icon for trading where the new coin has been listed since March. As South Korea directed in the footsteps of China to ban ICOs, the issuing firms have created a way to skip over the rules. ICON has been a profitable investment so far, having launched trading at $0.11 and soared to $2.64, or KRW 2,814.

ICON isn’t the only Korean digital currency to have got round this prohibition. A tendency was adopted in about 12 companies have similarly launched ICOs overseas but listed their coins on Korean exchanges, including Hyundai subsidiary Hyundai BS&C, an Internet of Things startup that similarly chose Switzerland for its Hdac token generating event.

South Korean regulators want South Korean startups to be limpid about their international transactions, but don’t plan to obstacle them. At the same time, it would be much easier and less costly for South Korea to let local startups launch their token sales locally once again.

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.