The first publicly trading Bitcoin exchange, CoinQx, has opened an office in Shanghai to promote the company’s expansion on the Chinese and other Asian markets. In addition to the subsidiary, First Bitcoin Capital Corp. has also built a trading platform in Mandarin that will enforce government-imposed anti-money laundering and foreign exchange regulations.
The Chinese market is one of the most lucrative in terms of cryptocurrency trading volumes. To ensure success in its new endeavor, CoinQx has chosen an approach that focuses on competitive exchange rates and products specifically customized for Chinese Bitcoin traders.
China is the leading Bitcoin market, responsible for more than 91% of world trading volumes. The national bank’s recent stringent policy regarding Bitcoin has not as yet affected the cryptocurrency’s forward march which is taking place against the backdrop of a weakened yuan. Quite the contrary, the unfavorable circumstances related to the domestic currency have triggered a flow of capital out of the country and have further boosted the interest in digital currencies.