Why is South Korea launching a cryptocurrency crackdown?

As a result, South Korea is in the midst of a cryptocurrency crackdown intended to improve exchange transparency, reduce criminal activities like money laundering, and help provide a layer of regulatory safety for crypto investors. What Is the Allure of Cryptocurrencies for South Korea?

Is cryptocurrencies legal in South Korea?

South Korea is one of them. In March 2020, the South Korean National Assembly passed new legislation that paved the way for the regulation and legalization of cryptocurrencies and crypto exchanges. This action was taken in recognition of the burgeoning growing cryptocurrency ecosystem even in the midst of the COVID-19 epidemic.

How big is South Korea's crypto market?

Since then, South Korea’s crypto market has grown to be one of the largest in the world. The country’s crypto assets grew to 55 trillion won at the end of last year, worth about $46 billion at the time, with more than 15 million registered users of trading platforms, according to the country’s Financial Services Commission.

Why is crypto so popular in Korea?

Terra is also instructive about some of the unique characteristics of the crypto culture in Korea, which places less emphasis on decentralization and puts more trust in project leaders like Kwon. Crypto is huge in this country obsessed with the latest and greatest technology.