RATE Group | South Korea Is Hoping for Regulatory Clarity as Crypto Laws Toughen
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South Korea Is Hoping for Regulatory Clarity as Crypto Laws Toughen

06 Oct South Korea Is Hoping for Regulatory Clarity as Crypto Laws Toughen

Posted at 10:51h in Cryptocurrency News by

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South Korean regulators seems to strongly favor blockchain over cryptocurrencies, and some recent events have further proven this hypothesis. As a result, as much as 97% of local digital assets exchanges are in danger of extinction, local reports suggest. 

Meanwhile, local politicians and regulators have started lobbying a new set of regulations, which could finally bring some clarity into this complex but crucial cryptocurrency market. So, how likely are they to succeed, and what are the main obstacles?

With the opening of Korean headquarters in Seoul, Cointelegraph looks deeper into the local regulatory landscape alongside Cointelegraph Korea’s chief editor, David Lee.

Midsized exchange’s closure revealed larger problems 

Although South Korean exchanges are de jure permitted to trade Bitcoin (BTC) and other digital assets, most of those platforms seem to be in a fix, as the recent closure of a local crypto exchange called Prixbit revealed. When it shut down in early August,…

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