South Korean cryptocurrency exchange Coinone will provide its services in Indonesia, according to a press release published on the company's website on Monday, April 16. The company is now receiving permission to open a branch, which is scheduled to begin operations in June.
According to Finance Magnates, the exchange will support six cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC) and Quantum (QTUM). Users outside Indonesia will also be able to use the platform, but will be subject to a separate Know Your Customer verification process.
Coinone is the twenty-seventh largest cryptocurrency exchange in the world, with a daily trading volume of US$49 million. Financial Magnates reports that, according to the exchange itself, it is the first major Korean exchange to enter the international market. Coinone explains that it chose Indonesia for its recognized potential in the financial technology sector.
Despite the company's valuation, Indonesia has strict principles regarding cryptocurrency regulation. In January this year, the Indonesian Central Bank advised citizens not to buy or sell cryptocurrency. Last October, the bank said it did not recognize bitcoin as legal tender, prompting two local cryptocurrency exchanges to voluntarily cease operations.
On April 9, Cointelegraph reported that South Korea's Financial Services Commission (FSC) had inspected three local banks that service cryptocurrency exchanges for compliance with mandatory identification rules introduced in January. Nonghyup Bank, which services the Coinone exchange, is currently under close regulatory scrutiny.
According to https://cointelegraph.com
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