Categories: Bitcoin Business

South Korea to Lower Capital Requirements for Bitcoin Remittance Providers Next Month

Click here to view original web page at www.newsbtc.com

It appears as if interesting things will happen for Bitcoin in South Korea. A new document has surfaced indicating Bitcoin remittance organizations will require lower capital requirements This is a positive step in the right direction. Bitcoin can make a big impact on the global remittance sector thanks to lower fees and global availability. These changes go into effect come June 18th.

The government of South Korea keeps an open mind toward Bitcoin and cryptocurrency. That is a rather refreshing development, considering a lot of politicians don’t like Bitcoin. The country has acknowledged Bitcoin can be a beneficial tool for the remittance sector. As such, a new regulation will be introduced soon to lower capital requirements for Bitcoin remittance companies. This is a significant development that will help shape the future of cryptocurrency.

A Big Move for Bitcoin in South Korea

As Pulse News mentions, the South Korean Ministry of Strategy and Finance made this critical decision. Any fintech company providing foreign exchange transfer services will be affected in a positive manner. The capital requirements will be reduced to 1 billion Korean Won, which is half of the current requirement. This change allows smaller companies to compete in the local remittance market, which can only be a positive development.

Bitcoin remittance providers will benefit greatly from this change. Fewer capital requirements will lead to new startups providing Bitcoin-based foreign exchange services in the future. South Korea can become quite the competitive market for cryptocurrency remittance companies in the future at this rate. More competition benefits the consumer and gives Bitcoin a more legitimate appeal as well.

This news comes on the heels of more positive news about Bitcoin in South Korea. Local exchanges are generating a lot of trading volume, indicating a growing demand for cryptocurrency. Companies such as Bithumb have quickly gone from “relatively unknown” to “leading Bitcoin exchange” in a short amount of time. South Korea is an integral part of the future of Bitcoin, that much is certain.

Header image courtesy of Shutterstock

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Ripple Gives One Billion XRP to Former CTO Startup, Plus Paying For Publicity

Ripple Labs, the company behind XRP, has given for free some 1 billion XRP, worth $270 million, to a company… Read More

27 mins ago

54% of Bitcoin Volume on “Lower Quality Exchanges”: Report

The vast majority of the world’s cryptocurrency trading volume is in the hands of “lower quality exchanges”, while the world’s… Read More

27 mins ago

Bitcoin is Used more by Civilians than Some Bankers, Lawmakers or Terrorists

In many countries, including Palestine and the entire world at large, Bitcoin is used more by civilians than some bankers… Read More

27 mins ago

Billionaire Investor Tim Draper Claims Bitcoin Prices Will Hike Upto $250,000 By 2022

Very rich person Investor Tim Draper Claims Bitcoin Prices Will Hike up to $250,000 by 2022Bitcoin (BTC) may proceed to… Read More

27 mins ago

Bitcoin (BTC) mining giant Bitmain firm announces purchasing more crypto mining chips that subject to a potential profit of $1.2 billion

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

28 mins ago

Squeaky-Clean Apple Is Quietly Pummeling Its FAANG Stock Buddies

Apple stock is brushing off a decline in iPhone sales while continuing to make gains in 2019. | Source: REUTERS/Joshua… Read More

28 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More