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.
Final Certificate of Incorporation Granted on February 5
According to Money Today, 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.
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’s certification on February 5, 2021.
A DBX official commented on the matter:
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.
The branch, named Tabi, will open its doors “no later than” March, said crypto exchange officials. DBX plans to extend its operations across the United States, Singapore, Indonesia, and Cambodia.