The Crypto Exchange Kucoin said that it might be back in South Korea after its platform within the country had been blocked.
On March 21, the South Korean supervisory authorities ordered Google Play to dam access to stock exchanges that didn’t meet the necessities required for the corporate within the country. On April 11, the South Koreas Financial Services Commission (FSC) ordered the Apple Store to dam non -registered crypto exchanges.
Kucoin was one among those that were affected by the country's procedure against non -registered platforms that were previously available. While the platform for South Koreans is not available, it has not fully abandoned the jurisdiction.
In an exclusive interview with CoinTelegraph, Kucoins said newly appointed CEO, BC Wong that the crypto exchange had plans to reorganize the country.
Wong (left), Kucoin EU -CEO Oliver Stauber (center) and cointelegraph Reporter Ezra Reguerra (right) on the token2049 event in Dubai. Source: across the market
The regulatory authorities sell the worldwide actors from the local markets
Wong announced CoinTelegraph that he can back up compliance with a very powerful jurisdiction before the exchange in South Korea. He said:
“The resource is there. We should go individually. Our strategy will at all times be that the good jurisdiction comes first, which suggests that the United States, the EU, China, India and possibly afterwards Australia.”
Wong confirmed CoinTelegraph that Kucoin had spoken to the supervisory authorities. The executive said that the trade in crypto could be very just like traditional financial markets, where a transparent background is required in every jurisdiction.
Kucoin's CEO also said that the supervisory authorities were more strictly than three years ago. He said that this might be a step to maintain the worldwide actors away from the local cryptoma markets.
“I’m not so sure that the intention of the supervisory authorities to manage the worldwide market, or simply wish to pave the approach to get all the worldwide players to get out of the market and pave the road for his or her domestic exchange,” added Wong.
The EU CEO from Kucoin allows the regulatory challenges in Europe
Oliver Stauber, who got here to Kucoin as CEO of the European Union, told CoinTelegraph that there are also difficulties with the blocks of the blocks within the regulation of the Crypto Assets (Mica).
Stauber, who previously worked as a Chief Legal Officer of Bitpanda, said CoinTelegraph that the Mica licenses have a pass function that ought to enable the licensors to supply services within the EU, said the chief that some jurisdiction interpret the laws otherwise.
Stauber said that some jurisdiction could say that licenses were “incorrectly evaluated”, which stands in the way in which of the corporate in some jurisdiction.
“Mica is claimed to have a flat playing field in crypto. As long as there are players who don’t play within the books, they may know that it’s going to be quite chaotic and difficult,” Stauber told Cointelegraph.
