Coinone Takes the Leap into Indonesia’s Crypto Market

In a daring and exciting move, South Korea’s third-largest cryptocurrency exchange, Coinone, has revealed its plans to kick-start an exchange in Indonesia. That’s right, folks! According to a press release from Coinone, pre-registration opened as of April 16, with the official debut expected to roll out come June.

Initial Offerings: The Cryptocurrency Lineup

For those curious about what cryptocurrencies will be available upon launch, Coinone isn’t keeping secrets. Users can look forward to trading six digital currencies initially:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Litecoin (LTC)
• Quantum (QAU)

And if you’re funneling in from outside Indonesia, don’t fret! After the pre-registration phase, you’ll still be able to set up shop on the platform. Just be prepared to go through the KYC verification process – a small price to pay for your crypto adventures!

Regulatory Hurdles: Indonesia’s Crypto Climate

While Coinone is enthusiastically charging into Indonesia, it’s worth noting the country’s somewhat rocky terrain when it comes to cryptocurrency regulations. As of January 2018, the Indonesian central bank adopted a strict stance against trading or selling cryptocurrencies. They’ve even gone on record stating that Bitcoin simply isn’t a legal means of transaction. This tough love has led to the voluntary shutdown of two local exchanges. Journeying into this market might be more akin to playing hopscotch on a minefield!

Coinone’s Global Ambitions: A First of Many?

Despite the potential pitfalls, Coinone seems to have its sights set high. Currently ranked 27th in the world of crypto exchanges, with a trading volume that recently soared to $49 million, their expansion plans mark a significant milestone. Coinone proclaims that they are the first among Korea’s top exchanges to venture out into the global market. So, is this the dawn of a crypto revolution in Southeast Asia? Only time will tell, but Coinone is clearly betting on it!

Domestic Regulations: A Different Game at Home

Back in South Korea, the regulatory atmosphere remains just as lively. On April 9, it was reported that the country’s Financial Services Commission (FSC) is keeping a close watch on three domestic banks supporting cryptocurrency exchanges, ensuring compliance with the recently introduced anti-anonymity laws. Among those being scrutinized? None other than Nonghyup Bank, Coinone’s service partner. It seems that while Coinone is on the offensive abroad, they’re also keen to play it safe at home.