I am a crypto enthusiast. A bitcoin trader and consultant in the frontier markets. I also Write and Rewrite. When not writing or rewriting, I read and do some gardening. Author of So You Want to Get Into Courtship?. Practical and Mystical.
Nexon, a South Korean Gaming company has acquired South Korea second largest cryptocurrency exchange at a cost of $150 million. Nexon (NXC), was established by Kim Jung Ju in the year 1994 and it has been a leading company in South Korea. According to Hankyung the South Korea’s finance news publication, Nexon bought 65.13% of Korbit shares at $90 million which valued Korbit at $150 million. This means that Nexon is now the majority shareholder in Korbit.
South Korea is a leading crypto currency exchange market and has received immense investment from venture capitalists such as Tim Draper and telecommunication conglomerate SK Telecom. In addition, ICO ban in China positions Japan and South Korea as the leading crypto exchange markets due to favourable regulations in the two countries.
Globally, Korbit is the sixteenth largest crypto currency exchange in the world in regard to volumes transacted over the internet. Despite Korbit occupying the second place behind Bithumb, the company leads in the trading volumes for altcoins such as ethereum. It is expected that this deal will consolidate the South Korean cryptocurrency exchange market.
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Cryptocurrency firms in Singapore are experiencing challenges emanating from closure of their banks accounts. This is according to Anson Zeall who is the chairman of Access which is the Association of Singapore’s Crypto currency and block chain industry members. He indicated that most of the cryptocurrency companies have had their bank accounts closed for no apparent reason.
Anson Zeall is therefore urging the government of Singapore to step in and help the firms to reach amicable solution between the banks and the crypto currency industry. He said that banking was the major challenge which was facing block chain and cryptocurrency companies in Singapore.
However, the Monetary Association of Singapore has indicated that it does not get in the way of banks mechanism of self regulation. This is specifically in regard to issues such as customer transactions, Know Your Customer requirements as well as risks assessments which specific banks have for their clients. This is because banks are expected to undertake due diligence of their clients as well as undertake rigorous client assessments to ensure that the banks are compliant with money laundering requirements as well as terrorism financing.
Also the Chairman of Access failed to name the specific organisations whose bank accounts have been closed by the banks. Currently there are two major Fintech Associations in Singapore which are Access and Fintech Association. Access has an approximate of 106 member companies while Fintech Association also has 185 members. These organisations have been credited with the growth of cryptocurrency in Singapore due to their ability to lobby for the adoption of Fintech technologies in Singapore. In addition, these organisations have taken a leading role in promoting cryptocurrencies in Singapore which has increased the number of cryptocurrency users thus making Singapore one of the major cryptocurrency hubs in Asia.
The central bank of Nigeria has given a huge boost to the penetration of cryptocurrencies in the frontier markets by endorsing cryptocurrencies and block chain technology. Musa Jimoh the deputy director of Nigeria’s Central Bank has said that Central Bank of Nigeria is developing a white paper on the cryptocurrencies and block chain technology in the frontier market. He was speaking in a cryptocurrency forum which was held in Lagos Nigeria.
Jimoh explained that the Nigerian government has developed keen interest on the cryptocurrencies because his government had noted that the crypto currency tide was unstoppable. According to Jimoh, block chain technology was very significant and its derivatives were of similar importance and could not be stopped. This means that the Nigerian government recognises the importance of block chain technology and this is going to have positive effect on the crytocurrencies’ regulatory environment in Nigeria.
In his address during the conference, Jimoh noted that block chain technology capabilities that enabled users to store encrypted data in multiple location meant that crypto money could not be restricted or confiscated by the government. Other deliberations that happened during the conference included discussion of how block-chains can be used to move payments across the borders. Other deliberations were on how block chain derivatives especially cryptocurrencies can be structured to minimise risks for the investors.
This news paint a positive picture in the frontier markets that show that there is growing acceptance of cryptocurrencies in the frontier nations hence it is expected that adoption of cryptocurrencies as means of financial transactions will soon become mainstream in the frontier countries such as Nigeria. It also implies that governments are likely to come up with their own form of cryptocurrencies in order to retain relevance and regulatory influence in the cryptocurrency and block chain arena.