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Bitcoin international transfers will be legalized in South Korea from July 18, according to the portal.
Corresponding changes in the currency operations law were adopted by country's government. The amendments also specify that now not only banks but also fintech organizations will be able to provide international transfer services. To conduct such operations, they should obtain the official permit from the Financial Supervisory Service (FSS) of South Korea. Afterwards, one will be able to carry out transactions in any licensed currencies, including bitcoin.
To obtain the license, companies should have authorized capital of at least $1.75 million. Besides, debt to equity ratio should not exceed 200%.
There are some limitations for such fintech organizations. A maximum possible sum of one-time transfer should not exceed $3000. And an annual limit for similar operations is $20 thousand.
Despite limitations, such companies will be able to compete with traditional banks in the international transfer sector.