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....
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Bitcoin price reached $2,850 in South Korea on May 23, due to the rapidly rising demand for Bitcoin and other digital currencies such as Ethereum’s Ether (ETH). While arbitrage opportunities in South Korea always existed since the launch of Korbit, Coinone and Coinhumb, the three leading Bitcoin exchanges in the country, the premium rate rarely went past 10 percent. On May 23, the premium rate on South Korean Bitcoin exchanges nearly reached 30 percent, demonstrating a trading value of $2,850 for Bitcoin, while Bitcoin was being traded in the US and China for around $2,100. The driving....
A group of 21 financial investment companies and five blockchain technology firms have signed a memorandum-of-understanding (MoU) to develop distributed ledger solutions as a blockchain consortium. Announced yesterday, the blockchain consortium is led by the Korea Financial Investment Association and sees a number of financial institutions and Fintech firms collaborate to form a blockchain think tank for the Korean capital market. According to Business Korea, the IT Committee of the association will be sharing its blockchain case studies and results of its technical research with the....
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Complying with the rules puts South Korea ahead of the curve for regulating virtual assets, but may be harming the domestic industry with overbearing transfer restrictions between exchanges. South Korean crypto exchanges have reached the government-mandated deadline to come into compliance with the so-called Travel Rule, but not all industry players are pleased with the measure.Starting today, Korean exchanges will flag any crypto transfers worth more than roughly $821. Transfers higher than that value will be restricted to user-verified wallets and a select number of exchanges that have....