OKCoin’s US Services Pinpoint Key Regulatory Factors
As one of the leading nations in the financial industry, the majority of cryptocurrency exchange platforms are located within the United States or provide their services from abroad. OKCoin is gradually expanding within the country in a severely restrictive manner.
OKCoin has been planning for quite some time to expand and operate within the US market. Last week, OKCoin began providing its services in the US, only though currently only operational within California. Although this marks a significant move for the company in its plan to fully cover the US, a lot of work remains incomplete.
OKCoin’s launching and operations in California have struck some as odd given its average standing in terms of cryptocurrencies. California’s regulations are less restrictive than others and through that, it’ll provide an accelerated boost in the company’s plans to expand.
The company’s transition to California was no easy feat, especially when required licensing is needed. OKCoin was in this process for months, complying with FinCEN requirement and the bad news is that OKCoin will have to undergo the same exact procedure to operate in any other state.
For many global crypt-companies that plan on expanding to the US, several issues arise. As each state holds its own regulations and requirements, expanding to multiple states is often a slow and tedious process. Not only is the process grueling, it’s incredibly costly and takes plenty of time to go through.
It’s become clearly evident that US lawmakers are still adamant on legalizing cryptocurrencies in any way possible. Once the proper regulations are in place, the entire registration process should become either easier or even more difficult. In any situation, this marks a big step forward in terms of a legitimate cryptocurrency environment as well as companies. Despite a small expansion, OKCoin is just one exchange among many others looking to expand within the US, which means that more acceptance, usage and hopeful adoption of digital currencies.