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South Korean DBX Becomes First Foreign Exchange in China

  • South Korean DBX exchange has announced the launch of its first foreign branch called Tabi in China.
  • DBX has gained a work permit license from China to carry on its crypto services.
  • The Tabi branch will open in March 2021.

South Korean cryptocurrency exchange DBX launched a new branch called Tabi in China. DBX exchange expansion marks it as the first overseas exchange that the Chinese legally recognize.

According to DBX, the company has secured a working license from the Chinese government. This is for its crypto services, even though China banned its native digital assets trading providers.

DBX officially explained,

“ 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.”

China stumped heavily on crypto-related activities years ago. As a result, China stopped domestic trading and crypto mining activities. This excludes Bitcoin. The Chinese authority banned crypto to increase its central bank digital currency (CBDC) adoption.

The government also recently stepped up testing its digital yuan currency ahead of the Beijing Olympics.

DBX arguably obtained the Chinese crypto license permit as part of its foreign growth plan. Also, the exchange is in union with the Korea Blockchain Coordination Association. 

As per DBX, the Tabi branch will be in operation from March 2021. Although, the Chinese government issued the license for the exchange in December last year.

DBX aims to expand its crypto trading services in China, the US, Singapore, Indonesia, and Cambodia.

Collins Adane

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.

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