SEOUL -- Coinone, one of South Korea's cryptocurrency exchange operators, has opened a branch in Indonesia for its service in May in a bid to find a new business opportunity abroad as the domestic cryptocurrency market has been hit by government regulations.
Coinone said its branch in Jakarta started collecting pre-registered traders Monday with its official service scheduled to begin on May 24.
South Korean cryptocurrency exchange operators such as Upbit, Bithumb, Korbit and Coinone earned huge profits last year, helped by a frenzy over digital money. This year the nascent virtual currency market faces an uncertain business outlook due to regulations and investigations.
Regulators have called for strong steps to prevent the "serious" side effects of irrational and excessive speculative investments. A customer identification system was imposed on January 30, allowing only real-name accounts used for deposits and withdrawals in cryptocurrency trading.
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