Coinone Expands Cryptocurrency Exchange to Indonesia: Challenges Ahead

Coinone Sets Its Sights on Indonesia

In a surprising turn of events, Coinone, South Korea’s third largest cryptocurrency exchange, is making waves by announcing plans to launch an exchange in Indonesia. Their press release, which hit the digital airwaves on April 16, revealed that the platform will open for pre-registration right away and is gearing up for its grand opening in June.

Initial Offerings: A Crypto Buffet

What’s on the menu, you ask? Coinone will kick things off by offering six tantalizing cryptocurrencies for its users: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Quantum (QAU). Just think of it as a starter pack for crypto newbies and aficionados alike!

Exotic KYC Procedures

If you’re outside Indonesia and want in on the action, hold your horses! You will need to undergo a unique Know Your Customer (KYC) verification process separate from the local users. After all, who says jumping through hoops can’t be fun? Just make sure you’ve got your documentation in order to avoid any hiccups.

Coinone’s Climb to Prominence

With a global ranking of 27 among cryptocurrency exchanges and a respectable 24-hour trading volume hovering around $49 million, Coinone is not just dabbling in these waters, it’s diving in headfirst. As quoted in the reports, this move marks them as the “first among the top cryptocurrency exchanges in Korea to enter the global market.” But let’s not get ahead of ourselves—expanding into the Indonesian market is both bold and complicated.

Regulatory Hurdles in the Indonesian Landscape

Now, let’s not sugarcoat this—Indonesia’s regulatory environment is typically more challenging for cryptocurrency. In fact, since January 2018, their central bank has adopted a rather stringent approach. They’ve given a stern warning to citizens about the risks of trading cryptocurrencies and declared Bitcoin to be an illegal means of payment. As if that wasn’t enough, this tough stance recently led to the shutdown of two domestic crypto exchanges!

Looking at Home

Coinone’s journey isn’t without its own regulatory trials. Back in Seoul, the Financial Services Commission (FSC) has been cracking the whip, inspecting local banks linked with crypto exchanges for anti-anonymity compliance. Nonghyup Bank, Coinone’s partner, is currently on the hot seat. One thing is for certain: as the cryptocurrency landscape evolves, so do the rules of the game.