South Korea’s third largest cryptocurrency exchange, Coinone, has announced plans to launch an exchange in Indonesia, according to a press release published on its site Monday, April 16.
As stated in the Coinone’s press release, the new Indonesian branch opened for pre-registration April 16, with an official launch set for June. According to Finance Magnates, the exchange will initially support six cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC) and Quantum (QTUM).
Users based outside of Indonesia will be able to use the platform after the pre-registration period, but will need to go through a separate KYC verification process, the exchange stated.
Coinone is currently ranked number 27 among crypto exchanges globally, with a 24-hour trading volume of $49 mln to press time. Finance Magnates reports that, according to the exchange, its overseas expansion makes it the “first among the top cryptocurrency exchanges in Korea to enter the global market.” Coinone explains that it chose Indonesia due to the country being “highly regarded for its potential growth in the Fintech industry.”
The company’s evaluation notwithstanding, Indonesia has a relatively tough crypto-regulatory climate. As of Jan. 2018, its central bank has adopted a harsh stance, warning citizens against selling, buying or trading cryptocurrency. Earlier, in October of last year, the bank reiterated that it does not recognize Bitcoin as a legal means of payment, causing two domestic crypto exchanges to shut down voluntarily.
On home territory, Seoul continues to actively regulate the country’s booming cryptocurrency sphere. On April 9, Cointelegraph reported that South Korea’s Financial Services Commission’s (FSC) has inspected three domestic banks serving crypto exchanges for compliance with anti-anonymity regulations that were introduced in January. Nonghyup Bank, Coinone’s service partner, is currently under scrutiny as part of these measures.