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South Korea’s third-largest cryptocurrency exchange, Coinone, has set up in Indonesia bucking the trend of exchanges either branching out or going under in the hard knocks market.

Coinone Goes Global in Jakarta

South Korea was one of the bellwethers of the cryptocurrency market last year with one in five bitcoin transactions being handled in KRW even though it traded at a 20% plus premium.  Today though despite it still being one of the largest spaces in the market, severe regulatory practices have reduced trading to only 5 -10%  of what it was in January.

According to Business Korea the squeeze on the market since January highs has caused some Korean exchanges to either expand their service base or shutter their shops. Coinone, Korea’s third largest exchange, has decided to pack up and go overseas. The company announced that on April 16 Coinone Indonesia was entering the global cryptocurrency market. Based in Jakarta the company has submitted its preliminary registration and plans to start providing services to registrants from the end of May.

Coinone announced on April 16 that the company has made its entry into the global cryptocurrency market, establishing “Coinone Indonesia” in Jakarta. After the first preliminary registration from this date it plans to launch the service to registrants by the end of next month. Trading will be made available in 6 cryptocurrencies initially; Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin and Qtum.

With a population of 260 million Indonesia has the largest population in Southeast Asia and, according to a previous report on NewsBTC , INDODAX – the largest Indonesian cryptocurrency exchange which is set to overtake the Indonesian Stock Exchange in investor numbers.

Indonesia Struggles With its Own Regulatory Problems

Despite the diminished trading volume in South Korea since January, a re-launch in Indonesia which is experiencing its own regulatory growing pains is a bold move for any exchange looking to expand into the global market.

Bank Indonesia announced it does not recognize any digital currency as legal tender earlier this year, compelling all parties to avoid owning,

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