South Korea is an important segment of the cryptocurrency market, with a large amount of investments in cryptocurrencies, technological developments, and major cryptocurrency exchanges established in the country. South Koreans are famous for having a high percentage of cryptocurrency enthusiasts within the population, but the South Korean government is not as interested in cryptocurrencies. The latest cryptocurrency news from South Korea relates to a police investigation into Upbit, the largest cryptocurrency exchange in South Korea, which had a massive effect on the markets on May 11. South Korea's cryptocurrency regulations are quite stringent. ICOs are banned, and local cryptocurrency exchanges are either closing or have been found under greater scrutiny. The South Korean government is concerned about money laundering, tax evasion, and excessive speculation. It is a perspective that anticipates the ongoing actions of legislators to move forward with new restrictions.
