Starting next week, Bitcoin will be on the approved list of technologies that can move payments across the South Korean border. Fintech companies in the country will be able to obtain a permit allowing them to legally offer Bitcoin international transfer services.
Starting on July 18, the amended South Korean Foreign Exchange Transactions Act will enable fintech companies to register with the Financial Supervisory Service (FSS) to legally “provide international money transfer services for small funds,” The Herald reported an FSS official saying on Wednesday.

Once registered, companies can use various methods to send money abroad, including using Bitcoin. The amended law specifically permits digital currency remittances, “which were illegal under the Foreign Exchange Transactions law,” wrote online newspaper Dailian.

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