S. Korean ‘Coinone’ Exchange Goes Global, Launches Exchange in Indonesia

Coinone, the third-largest crypto exchange in South Korea, has announced that it will be launching “Coinone Indonesia,” a new crypto exchange based in Jakarta. The company wrote that its expansion will make it the “first among the top cryptocurrency exchanges in Korea to enter the global market.”

“Coinone Indonesia wants to be the gateway that introduces people to the concept of blockchain and cryptocurrency,” said Alan Song, Coinone Indonesia CEO. “[We want to facilitate] access for users in Indonesia to have various types of digital assets or cryptocurrencies quickly and safely.”

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Coinone Indonesia will be available for pre-registered users on May 24, 2018 (pre-registration began yesterday, on April 16, 2018.) The official launch will take place in June. To start, the exchange will support the trading of six different cryptocurrencies: bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin, and quantum.

Users based outside of Indonesia will also be able to use the exchange after the pre-registration period has passed. The company announcement of the new exchange reads that “foreigners need a separate examination process through the passport and non-face-to-face certification process.”

A Growing Blockchain Industry in Indonesia?

Indonesia has stayed relatively quiet on the global crypto scene, but the inception of another Indonesian crypto exchange could signal blockchain industry growth within the country.

A report from Korean news source The Investor reads that “Coinone expects many cryptocurrency and blockchain-backed business opportunities in Indonesia, as the country’s economy is showing rapid growth with a population of 260 million. It has also shown rapid development in IT and financial technologies.”

Still, there could be some regulatory bumps to iron out in the future. In January of 2018, the Bank of Indonesia published a warning against buying, selling, or trading cryptocurrencies. The warning “[affirmed] that virtual currency including bitcoin is not recognized as a valid payment instrument, so it is prohibited to be used as a means of payment in Indonesia.”