The Chinese traders obliged nationwide ban on Bitcoin exchange and trading platforms. Each and every platform may backfire if the PBoC and the country’s financial regulators doesn’t resume cryptocurrency trading activities.
Last week, the Chinese cryptocurrency trader, Victors says in an interview with South China Morning Post,
“They can’t set rules to stop me from investing in what I want to invest in. They say you are protecting me, but as long as I think this is good, they have no way to intervene. I can do over-the-counter trades or I’ll go offshore … My wallet is my wallet. I’ve never registered my identification card”.
The Chinese government and its financial regulators have cooperated closely with local cryptocurrency exchanges. However, to establish practical regulatory, frameworks and implement investor protection. OKCoin, BTCC and Huobi, a large-scale cryptocurrency trading platform allocating a significant and capital to comply with the requests of the Chinese government.
Finally, the Chinese government has been the flow of funds and trades from a strictly regulated market to unregulated OTC and offshore markets. Foremost, the Chinese government decided to regulate the Chinese cryptocurrency exchange market.
This month, Japan is taking a complete opposing method to the Chinese government by officially authorizing and licensing 11 cryptocurrency exchanges includes BitFlyer.
In this regard, Yuzo Kano, Bitflyer CEO says,
“Japan has been exploding with demand for both bitcoin trading as well as virtual currency services. The FSA’s approval for bitFlyer to operate as a Registered Virtual Currency Exchange, and the agency’s openness. It’s forward-thinking regulation could not come at a better time for the blockchain space”.
Moreover, the US, Japan and South Korea evolve as major cryptocurrency exchange markets with practical regulatory frameworks. Initially, China would be substitutes by neighboring markets even if it resumes trading activities in the future.