NEM seems to rely too much on Japanese market

Ideas
#21

Crypto is not banned in South Korea. South Korea is one of the only countries where you can liquidate billions of crypto into fiat (even though the trading volume is 10-20 times smaller than last year).
Exchanges can run as an e-commerce company and you don’t need license to run it. Just need to follow the usual KYC/AML and other requirements.

Yes. ICO is banned and it is not easy with banks as the regulations change quite often.
I don’t (personally) think I will see the registered STOs in South Korea any time soon either…

It is more than crypto regulation itself. Mostly due to the controlled capital market and the culture of the retail investors.

Japan will be a good comparison. Similar in many ways but quite different.

Anyways these two countries are playing a very important role in the global crypto market. (At least in terms of the liquidity in trading and ICO investment).

Maybe this bearish market will give the regulators time to study more about it and come out with more structured regulations. Corporates are still quite bullish in integrating blockchain and crypto in both places.

China is the another animal in Asia and it is always quite interesting to see how these 3 countries are reacting.

#22

It would be interesting to watch how the Korea space develops as there is always a culture of innovation and at one point of time the trading volume for NEM was an all-time high (ATH) with Korea.

We need to see NEM strong again in Korea!

1 Like
#23

I didn’t know that before! Interesting. Let’s make it happen again!!! =)

#24

Yeah, more than that, there was even a “kimchi” premium compared to global average in Korea for XEM lasting for months last year following the listing on Bithumb and NEM being more active there during that period.

The culture of innovation and the pace at which they do it makes them a market we can’t afford to ignore and not just in terms of trading volume. Especially with their government, more at a state level now seriously exploring blockchain and this is even more apparent with their big conglomorates such as Kakao and LG each creating their own blockchain departments whom we managed to meet in person as well.

NEM did have a rather strong branding onground considering that there wasn’t dedicated presence in the market. In just a few engagements last year, partnerships were secured, free office space with accelerator programs were offered and got invited to be featured on their national television with the option of it being a longstanding arrangement. So definitely agree that we should make NEM strong in Korea and everywhere else with the new global structure!

#25

Would definitely keep an eye on the space in Korea for NEM!

#26

Yes, agree, but still, potentially it can be banned in the future, as the governments’ attitude to the crypto as a whole not really good slightly speaking. I guess, in your point, you’re a bit mistaking the popularity of the cryptocurrency in S. Korea and its acceptance by the government. Cause, I remember it very well, when the crypto only started, S. K didn’t react to it somehow, but after BTC started going up and getting the world’s attention everyone from housewives to college students and office workers rushed to trade the market despite warnings from global policymakers about investing in an asset that lacks broad regulatory oversight. So as the government of S. Korea is still discussing whether an outright ban is needed or not, the status of the crypto is not identified. that’s it. thanks!

#27

Crypto currency itself won’t be banned most likely as there is no regulation on it but it will be challenging for crypto companies to work with banks when the government raises concerns like last time.

But, yes. The government banned the regulated activities such as ICO (and other things like STO).
It will be very hard for the S. Korean government and regulators to come out with a new regulation or it will take forever.

Many of city/state governments try to promote crypto (and blockchain) but we will see how far it can go. Seoul Metropolitan Government is even promoting the idea of Seoul Coin. Other cities are following too.

Simply look at Bithumb’s 24 hr trading volume. Almost 1b now and there is no limitation to change this to fiat with any of linked Korean bank accounts. (Only tax + AML related processes as usual)

Let’s see how it goes. =)

#28

Thank you for your time! I’ve read your previous comment so there’s no need to copy/paste it. Yes, let the time show. Have a nice day.

1 Like
#29

Just enjoying talking to people in the community. =) Have a nice day too!

#30

Nem is available on China market?

#31

We have a community for NEM China, you can join here:

QQ
NEM group number : 121037425

Wechat
NEM official account: nemxem

@Steve_NEMChina is representing us through the NEM Foundation’s council.