Bitcoin international transfers to be legalized in South Korea

South Korea-based Fintech companies will be able to make legal international transactions with Bitcoins, bitcoin.com reports. The amended South Korean Foreign Exchange Transactions Act will come into force on July 18.

Fintech companies must register at the Financial Supervision Service (FSS) to be able to provide international cryptocurrency transactions. In addition, companies will be subject to certain requirements - their paid-in capital should amount to more than 2 billion won (approximately 1.75 million dollars), and the debt-to-equity ratio should be less than 200 percent.

A one-off transaction will be limited to $3,000 or less. An annual limit for international transactions of this kind will be set at $20,000.

The advantages of international Bitcoin transactions are low fees and their speed. All this will allow Fintech companies to compete with traditional banks.