South Korea’s major cryptocurrency exchange Coinone has opened a trading platform in Jakarta, Indonesia, becoming the first Korean virtual currency exchange to advance into an overseas market.

According to the Korean platform provider, it has established Coinone Indonesia and began receiving month-long registration from users who would like to trade cryptocurrencies. The company aims to launch official service on May 24. Coinone Indonesia will offer trading service for six virtual currencies - bitcoin, bitcoin cash, ethereum, ethereum classic, light coin, and quantum.

Indonesia boasting the world’s fourth-largest population of over 260 million is one of emerging economies in Southeast Asia gaining traction thanks to its fast expanding economy. Information technology and financial technology sectors are also booming in the Southeast Asian country.

An unnamed official from Coinone said that Indonesia will serve as a stepping stone for it to make a foray into the global market. The exchange will actively cooperate with traditional financial sector and regulating authority in Indonesia to allow cryptocurrency and blockchain industries to settle down at an early stage and promote healthy growth in the country, the official added.

Registration for Coinone exchange can be completed with an e-mail address not only by locals but also foreigners in Indonesia as long as they go through additional identity authentication process using their passports.

Coinone Indonesia, meanwhile, plans to offer up to 10 million rupiah in cryptocurrency to 10,000 investors who would apply for registration as part of a promotional airdrop event. It will also give out 10 commission-exemption vouchers to coin investors that complete identification certification after the service launch.

Coinone is one of Korea’s leading digital currency trading platform operators, and it opened a brick-and-mortar cryptocurrency exchange in Korea last year to ride the virtual currency boom in the country. Since late last year, Korean cryptocurrency trading operators, however, have been under the government’s scrutiny aimed at containing side effects from hyped demand for cyber money.

By Oh Chan-jong and Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]