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
You May Also Like
Indian crypto exchange Zebpay moved to Malta
The future of the Indian crypto market now directly depends on the court's decision in the litigation between the exchange and the Central Bank. The hearing at which a decision is to be made has already been postponed several times and is now scheduled for October 23.
Huobi announced the opening date of the Russian branch
Huobi, one of the largest cryptocurrency platforms, will open its office in Russia on November 12, as announced at the international conference “Blockchain Life”, held in St. Petersburg on November 7-8, the head of Huobi Russia Sergey Grachev and the director of Huobi Global Edward Chen.
