[Andyview] KuCoin Co-founder Johnny: Globalization, Compliance, Localization
exchange
90days ago
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On December 16, 2018, the Vietnam Blockchain Day Summit hosted by Bigcoinvietnam was held in Hanoi, Vietnam. During the summit, Southeast Asia's leading blockchain media Beecast CEO Andy Zheng interviewed Johnny, co-founder of KuCoin, as follows.121802.png

Andy Zheng:

Welcome Mr. Johnny, co-founder of KuCoin, to Vietnam Blockchain Day DEC in Vietnam! First of all, let Johnny introduce the status of KuCoin.

Johnny:

KuCoin was founded in August 2017. It's been more than a year, and it's a relatively new exchange for the entire cryptocurrency industry.                                         

But, with the bull market coming at the end of 2017 and a better chance for the market as a whole, KuCoin's internationalized operations reached 5 million users from 0, which is a good figure for the industry.

Our users are also distributed around the world, mainly in the Americas and Europe, as well as Southeast Asia, Korea and Japan.

 

Andy Zheng:

What are the similarities, differences and characteristics of KuCoin compared with other exchanges?

Johnny:

I think the biggest difference between KuCoin and other exchanges is the user portrait, which also includes the distribution of users. For Asian exchanges to be global, it is actually quite challenging, including some of the top exchanges, are constantly reaching global, in the process, KuCoin has some natural advantages, which went into the process of globalization from the beginning. I believe that more different should be that the distribution of the user base is different.

Andy Zheng:

That is, KuCoin has a clearer picture of the users, know about the user's behavior.

Johnny:

Yes, for example, this time when we came to Vietnam, the number of users in Vietnam was relatively high these days, ranking first and second, ahead of the rest of the world, and had remained in the top 5. So I believe that on this level, we go to places where we have more users to get close to our users, and they give me more feedback and more intuitive performance.


Andy Zheng:

So, will KuCoin go further into global layouts?

Johnny:

Yes, the layout of globalization is what we have been doing all the time, on the one hand, compliance, on the other hand, closer to the users, doing localized operations.

Andy Zheng:

Where are the main areas at present?

Johnny:

From the user point of view, we have opened up four local operations, including Turkey, Vietnam, Russia, and Spain and Italy.

Andy Zheng:

What are the different policies of the KuCoin for these countries, such as licensing applications?

Johnny:

We've been applying for the license plate, you know, in fact, the block chain (digital currency) went through the last bull market, everybody was crazy, and every country was very sensitive. In fact, there is a need for state involvement in this area, and now there are countries in Europe, Malta and Estonia, where governments have opened up some channels of application, and we are actively applying. There are also some policies in Hong Kong, we are also applying for sandboxie supervision. In some of the countries around the world that are already compliant, we are doing it simultaneously.

 

Andy Zheng:

I am also using KuCoin, now, as far as I know, in addition to currency transactions, KuCoin currently has no service upgrades, such as contracts and over-the-counter transactions.

Johnny:

You just asked a good question. Just last week, it should be in late November and early December, we announced our OTC's OTC platform GUMO, which we just got its legal regulatory license in Singapore. We are running a trial operation. Our OTC is primarily designed to support large user flows (Andy: bulk trading) and support for the euro, the dollar and the Singapore dollar.

Andy Zheng:

As far as I know, there are some OTC platforms that can't guarantee whether the digital assets between the buyer and the seller are accounted for, thus causing some disputes, so how did KuCoin do that?

Johnny:

You are talking about the C2C platform, GUMO is a B2C platform, is the official and user transactions, there will be no such problems.


Andy Zheng:

Now the talk about STO is very hot in China and other countries, what do you think of STO, does KuCoin have relevant layout?

Johnny:

STO is a necessary process in the whole circle, but I don't know the final form, while in the process of its development, we have to take this step. KuCoin has been communicating with the Hong Kong government to start working on compliance in Hong Kong. Our CCO was a former Hong Kong banking employee, so we will look for a breakthrough in the policies that have been in place in Hong Kong.


Andy Zheng:

As far as I know, STO will have a lot of links, including compliance, token issuance and exchange circulation, which link will KuCoin pay attention to ?

Johnny:

I think from the perspective of the exchange, from the most basic point of view, we must first get the most conventional exchange licence, Hong Kong has the first traditional financial licences, such as "1479." These licenses guarantee what you can do, such as money custody and trading, which is a foundation, and we must start from the bottom. Well, the services generated above this floor are all coordinated by the exchange side and the project side. If the project wants to do STO, it must also comply with government supervision, such as project fund-raising. Well, in this process, we have to coordinate with the government, is there any problem with the project? Communicate with the government in a timely manner.

Andy Zheng:

So, it's a very complex system. Is there anything you'd like to say to everyone in the end?

Johnny:

I'm sure that people're looking at this bleak market right now, and from KuCoin's point of view, trading volumes and user activity are also falling significantly. But what we want to tell you is, we have always believed that this industry will be an epoch-making field, so the future will certainly be carried forward, but now is the cold winter, as long as I can survive the past.

Andy Zheng:

Different products or industries have their own cycles, up and down, and some people come in early, it's a cold winter for him, and now those who enter may think it's spring. Chinese people think it is a cold winter, Southeast Asia is like Vietnam may be spring. One is regional, the other is timing. Of course, I hope KuCoin can go better, break through in the exchange field, and make more contribution to blockchain finance.

Johnny:

Thank you


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