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A South Korean cryptocurrency exchange announced it established its first legally recognized branch in China. Although the nation banned all local crypto trading services, DBX said the firm already obtained a license to go ahead with the operations.<\/strong><\/p>\n According to Money Today<\/a>, DBX received the operating license to establish the subsidiary in China as part of its overseas expansion plans. The crypto exchange is affiliated with the Korea Blockchain Coordination Association.<\/p>\n Per the details given by the exchange, the Chinese government first green-lighted the opening of the branch on December 28, 2020, by issuing a temporary permission. However, the officials granted the final incorporation\u2019s certification on February 5, 2021.<\/p>\n A DBX official commented on the matter:<\/p>\n The license to establish a corporation this time received from the Chinese government is a license that was obtained from the opposition to the establishment of foreign (crypto) exchanges in China so that it can give even greater meaning.<\/p>\n<\/blockquote>\n The branch, named Tabi, will open its doors \u201cno later than\u201d March, said crypto exchange officials. DBX plans to extend its operations across the United States, Singapore, Indonesia, and Cambodia.<\/p>\n <\/ins> <\/ins> <\/p>\n The relationship cryptocurrencies-China has been quite turbulent. Since 2017, Chinese regulators have been placing bans<\/a> on crypto-related activities by first issuing a ban on local crypto exchanges. However, the government later went beyond and cracked down on domestic trading and mining operations as well.<\/p>\n However, the nation\u2019s authorities have been making some clarifications over the past of years regarding their stance towards bitcoin (BTC<\/a>). The Beijing Arbitration Commission published<\/a> an article on the legal nature of bitcoin in China in August 2020.<\/p>\n They stated that bitcoin\u2019s use as a commodity has never been banned in the Asian giant.<\/p>\n Moreover, China is paving the road to adopting its upcoming central bank digital currency (CBDC), the digital yuan. Recently, news.Bitcoin.com reported<\/a> that the country has been giving away 10 million yuan ($1.55 million) in its CBDC in Beijing. Recipients can spend the digital yuan during the Chinese New Year festival.<\/p>\nFinal Certificate of Incorporation Granted on February 5<\/h2>\n
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Domestic Crypto Trading Is Still Banned in China<\/h2>\n