In South Korea international transfers in bitcoins are legalized

On July 18 in South Korea the law allowing the financial technical-companies to offer the international transactions in bitcoins comes into force. Writes Bitcoin.com about it. 

According to the adopted amendments to the law on currency transactions, the financial technical-companies it is necessary to be registered in Service of financial supervision (FSS) legally to provide the international services in money transfers. 

After that the companies will be able to involve different methods at departure of money, including using bitcoin. To get permission of FSS, the share capital of the company has to make about 2 billion wons (about 1,75 million dollars), at the same time it is necessary that the debt ratio to the capital was lower than 200%. 

It is noted that one-time transfer will be limited by three thousand dollars, and the annual limit of transactions for one account will be defined at the level of 20 thousand dollars. 

As notes the edition, the low commissions and speed of the translations will allow the financial technical-companies to compete with traditional banks. 

We will remind, at the beginning of July it became known that in South Korea preparation of the new acts designed to enter into the legal framework of operation with cryptocurrencies has begun. At the same time it was reported that new regulation can be rather rigid.