July 13, 2017 / Law

South Korea Will Legalize International Money Transfers In Bitcoin

south korea legalize bitcoin

On 18 July in South Korea take effect a law, allowing fintech companies to offer international transactions in bitcoin. 

According to the amendments to the law on foreign exchange operations, fintech companies need to register with the Financial Supervisory Service (FSS) in order to legally provide international money transfer services.

After that, the company will be able to use different methods when sending money using bitcoin. To obtain a permit, a fintech firm must have a paid-in capital of more than 2 billion won ($1.75 mln) and a debt-to-equity ratio of below 200 percent. 

Note that the one-time transfer limited to $3 thousand, and the annual transaction limit for one account will set at $20 thousand. So, low fees and speed of transfers will allow fintech companies to compete with traditional banks.

Recall, in early July it became known that in South Korea, the preparation of new legislative acts, designed to introduce in the legal field operations with cryptocurrencies.

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