#SouthKoreaCryptoPolicy Strict Control or a Step into the Future? 💰📜

South Korea is one of the most technologically advanced countries in the world 🌐. It’s no surprise that it is actively involved in shaping the future of cryptocurrencies 🪙. However, the approach of the Korean authorities to this market is quite specific: strict yet progressive.

📈 Growth of Interest and Trading Volumes

South Koreans are among the most active cryptocurrency traders in the world 🚀.

But this popularity has also caused headaches for regulators 🤕.

🛡️ Strict Regulation — Why?

The South Korean government 👩‍⚖️ has long regarded cryptocurrencies with suspicion, especially after scandals involving money laundering and exchange hacks 💣. Since 2021, authorities have begun to introduce a number of serious rules:

📋 Mandatory registration of all cryptocurrency exchanges

🔍 Financial audits and capital requirements

👤 Strict user verification (KYC)

🧾 Reporting on transactions for the tax service

The result? 👉 More than 60 exchanges have closed or exited the market.