As August 15 approaches, about 40 FinTech companies are expected to launch an international money transfer service after receiving a license from South Korea’s Financial Supervision Service.
According to the Korea Herald, the amount of money allowed for the transfer is less than three thousand dollars. The transfer capacity of each account is set at twenty thousand dollars.
At least 20 Fintech companies use bitcoin to transfer foreign currency to Korean citizens.
Amendments to the foreign exchange bill that took effect this month required Korean fintech companies to own 1 billion euros (approximately $ 882,000) in capital stock. This criterion used to be more than $ 2 billion ($ 1.76 million) to provide foreign exchange, which none of the 20 bitcoin transfer companies could meet.
Source : Iran Blockchaink Laboratory