Bitcoin-Based Korean Foreign Money Transfer FinTechs See Regulatory Respite  

Bitcoin-Based Korean Foreign Money Transfer FinTechs See Regulatory Respite  

The South Korean government is moving to lessen the burden on FinTech companies who use bitcoin for foreign currency transfers by lowering their minimum capital requirements. According to a report from Korean news outlet PulseNews, local FinTech companies who offer bitcoin-mediated foreign currency transfer services will see easier regulations come July this year. There are about 20 FinTech companies who use bitcoin for foreign currency transfer services to Korean citizens. The South Korean government is set to lower the minimum equity capital criteria for FinTech companies in the foreign....


Related News

South Korea Will Permit Bitcoin Firms for International Money Transfers

The South Korean government will issue permits to FinTech firms including bitcoin mediated foreign currency transfer services to enable international money transfers for small funds. Come August 15, about 40 FinTech firms are expected to launch international money transfer services after receiving permits from the Financial Supervisory Service, South Korea’s financial regulator. According to the Korea Herald, the permitted amount for a one-off transfer via a FinTech firm will be $3,000 or less. The annual limit for a single account will be capped at $20,000 for transfers through FinTech....

How The Korean Government’s New Bitcoin Regulations Will Affect Startups

The South Korean Financial Services Commission (FSC) has established a task force to design regulatory framework for Bitcoin companies and users. The government states that regulations will be introduced by the first quarter of 2017. Several meetings have taken place since the FSC’s initial announcement of a potential introduction of Bitcoin regulation. South Korean media reported that the task force agreed to design its regulatory frameworks for Bitcoin companies based on the regulations in Japan and the U.S. While regulations greatly vary between states in the U.S., Japan has a unified....

Restrictions on Crypto Trading to Deprive Nation of Opportunities, Iranian Fi...

Startups have spoken out against government attempts to curb the operations of crypto exchanges in Iran. Cryptocurrency trading is not illegal, Iranian fintechs insist, calling on lawmakers and regulators to develop rules that would allow the sanctioned country to continue to take advantage of decentralized money transfers. Iranian Fintechs Insist There Is No Ban on Cryptocurrency Trade Recent statements by various authorities in Teheran have prompted a response from the Iran Fintech Association (IFA) which represents companies working in the sector. In a letter to the speaker of....

Korean Bitcoin Exchange Korbit receives $400,000 in Funding

The Verge is reporting that South Korean Bitcoin exchange Korbit, has received $400,000 in funding. The investment money was pooled together by a group of Silicon Valley investors. Korbit was founded by Tony Lyu and launched in April 2013. Tony Lyu previously had the following to say about his startup. Tony Lyu. We are expanding access to financial services and reducing financial costs by enabling people to buy and sell Bitcoin. We also reduce financial crime and increase government tax revenue by offering a transparent finance network. As entrepreneurs we had experienced inefficiencies in....

Remittance: Tokyo to Manila on a Fast Lane with Rebit.ph

Bitcoin remittance startup Rebit.ph partners with a Japanese bitcoin exchange to facilitate fund transfer between two countries. Bitcoin’s potential to transform foreign remittance industry is very well known. It is also one of the services rendered by multiple cryptocurrency startups across the world. The conventional remittance system includes either the Western Union or MoneyGram. While they have a decent reach across the world, its usage by people to send money overseas is seen as a necessity in the absence of other alternatives. With the introduction of bitcoin and its growing....