The third largest cryptocurrency exchange in South Korea, Coinone, recently announced its plans to launch an exchange in Indonesia. The news comes from a press release that was published on the site on Monday, April 16th.
As stated in the press release, the new Indonesian branch will have its official launch in June. According to some rumors, the exchange will support six major cryptocurrencies at first – including the names of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and Quantum.
The users that are based out of Indonesia will also be able to use the platform. However, they will need to submit their details in the KYC verification process, according to the exchange.
Currently, Coinone ranks at the 27th place among the global crypto exchanges. Their trading volume is getting closer to $50 million. The overseas expansion will definitely put the exchange among the first in the top cryptocurrency exchanges on the global market.
Coinone also announced that they chose Indonesia due to the country being “highly regarded for its potential growth in the fintech world.”
The only problem at this point may come from the relatively tough crypto-regulatory climate that is present in Indonesia. Since January 2018, the country’s central bank has adopted a harsh stance against buying, selling or trading cryptocurrencies – causing two domestic crypto exchanges to shut down.
On the other hand, the crypto climate in South Korea is booming – and on April 9th, their Financial Services Commission (FSC) inspected three domestic banks that were serving crypto exchanges for compliance with anti-anonymity regulations introduced in January this year.
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