Japanese Companies Expand Operations in South Korea

Two Japanese companies recently started cryptocurrency operations in South Korea. One partnered themselves with a local company to start a bitcoin exchange while the other campaigned an ICO to expand crypto exchanges shortly after releasing a game that lets users earn Bitcoin through playing. Both companies are recognized on the Tokyo Stock Exchange.

Bitpoint Korea

Remixpoint Inc (3825.T), operator of the Bitcoin exchange in Japan, recently started a cryptocurrency exchange in South Korea called Bitpoint Korea.

“In this business tie-up, we supply virtual currencies and liquidity to the virtual currency trading system, while Sys & Tech will be responsible for [its] operations including marketing and customer correspondence. We will revitalize the Korean virtual currency market,” Remixpoint stated, partnering up with Korean Company Sys & Tech.

As of the moment, cryptocurrency-related services that are being offered include exchanges, spot transaction, and money transmission services. In addition, the exchange also supports different digital currencies like BTC, BCH, and ETH. The company also eyes providing merchant payment solutions in the future to further expand into the Korean market.

Metapsplus’ Coinroom

Based in Tokyo, Metaps Inc (6172.T) is a platform for app monetization that utilizes artificial intelligence technology as well as big data to maximize campaign performance and make sure app revenue is maximized. It also has a Korean subsidiary called Metapsplus Inc. that creates platforms for mobile advertisements.

This subsidiary recently raised roughly 1.1 billion yen last month, in a token sale meant to raise funds for developing a cryptocurrency exchange they called Coinroom. Currently, the exchange supports various digital currencies such as BTC, BCH, ETH, ETC, and Pluscoin or PLC, which is the company’s personal token.

In addition, the company also released a mobile game titled Dig Land that is made available in over 141 countries. One important highlight of the game is the ability to earn actual Bitcoin through the means of various in-game digging and puzzle solving.

Regulatory environments for digital currencies

South Korea and Japan both have regulatory environments that are vastly different from each other, despite being among the top countries when it comes to trading for cryptocurrency (in addition to the Korean Won only behind the Japanese Yen in terms of volume for trading currency with Bitcoin). Japan already has set its place by making Bitcoin a legal store of value for transactions and payments, while South Korea is still in the process of fixing their country’s regulatory framework for digital currencies. Aside from that, Korea already banned ICOs, while Japan doesn’t have any laws concerning them.