South Korea’s Kakao Seeks to List Its Klay Token on Chinese Exchange

South Korea’s Kakao is seeking to list its cryptocurrency on an exchange, but it may not be able to list the token locally, according to a news report from News1, a Korean local media.

While the company is presently looking at two exchanges for the potential trading of Klay—one in China and the other in Korea—the government may ban it from setting up a platform within the home nation. News1 cited an unnamed official as saying that Kakao is just too big to disregard and that it would be difficult to permit the trading.

Kakao is the 36th biggest conglomerate within the nation, based on recent information from the Fair Trade Commission, and has 10.6 trillion won ($8.8 billion) in assets. The company does everything from finance to amusement, and its KakaoTalk instant messenger app is purported to have more than 400 million clients, even though only around 10 percent of those are considered active.

Kakao’s Ground X subsidiary is creating the Klip wallet, which will support Klay. Klip will be empowered on KakaoTalk.

The Korean government has been concerned regarding crypto within the nation since the frenzied trading of 2017 and early 2018, prohibiting initial coin offerings in September 2017 and making it troublesome for crypto exchanges to open appropriate bank accounts for trade operations and the change of crypto to fiat. While it has been willing to permit a few gray area activities, such as the utilize of ordinary corporate accounts by exchanges and the trading of foreign coins, the News1 story implies that the authorities would not see the other way for Kakao.

A listing of any type would be an about face for the company. Ground X CEO Jae-Sun Han said in late last year that Klay would not be traded on exchanges and was planned primarily for developers looking to use the company’s Klaytn open blockchain platform.

Han stated at the Kakao Developers Conference in Seoul on Friday that the firm’s Klip wallet would be launched officially in the fourth quarter.