South Korea’s Kakao Is Recording Its Cryptocurrency Klay in Chinese Exchange

A new report based on from News1, a Korean news agency – South Korea’s Kakao is looking to record its cryptocurrency on an exchange; however, it might not be able to list the token domestically.

Whereas the company is now taking a look at two exchanges for the potential trading of Klay—one in China and the opposite in Korea—the government could prevent it from picking a platform within the home country. News1 cited an unidentified official as stating that Kakao is too massive to ignore and that it could be difficult to permit the trading.

Kakao is the 36th largest conglomerate within the nation, based on recent data from the Fair Trade Fee, and has 10.6 trillion won ($8.8 billion) in assets. The corporate does the whole lot from finance to entertainment, and its KakaoTalk prompt messenger app is reported to have over 400 million customers, though solely about 10 percent of these are thought of active.

Kakao’s Ground X subsidiary is developing the Klip wallet, which will help Klay. Klip will be enabled on KakaoTalk.

The Korean government has been involved about crypto within the nation since the frenzied trading of 2017 and early 2018, banning initial coin choices in September 2017 and making it difficult for crypto exchanges to open proper bank accounts for change operations and the conversion of crypto to fiat. Whereas it has been keen to permit some gray area exercise, similar to the use of regular company accounts by exchanges and the trading of offshore cash, the News1 story suggests that the authorities would not look the other way for Kakao.