Bitcoin Transfers Legal Soon in South Korea

Announcements, FinTech, Investing, News, Regulation | July 13, 2017 By:

FinTech companies in South Korea will soon be able to obtain a permit enabling them to legally offer bitcoin international transfer services.

The South Korean government has amended the country’s Foreign Exchange Transactions Act. This will enable FinTech companies to register with the Financial Supervisory Service (FSS), South Korea‚Äôs financial regulator, to legally provide international money transfer services for small funds, starting July 18.

About 40 FinTech companies are expected to launch international money transfer services on August 15 after receiving permits from the FSS. FinTech comapnies will be allowed to use various methods to send money, including pooling, pairing, and the digital currency bitcoin, according to the FSS.

To obtain a permit, a FinTech comapny must have a paid-in capital of more than 2 billion won (1.75m USD) and a debt-to-equity ratio below 200 percent.