South Korea is a major player in crypto with a robust regulatory framework. A new Act for the Protection of Virtual Asset Users came into effect in July 2024, focusing on consumer protection and preventing unfair trading practices like market manipulation. Exchanges must implement strict AML/KYC rules, use real-name accounts, and hold a significant portion of user funds in cold storage.

Recent developments include tighter rules for non-profit crypto sales and stricter listing standards for exchanges. There's also ongoing discussion and political pressure to potentially legalize spot crypto ETFs and ease some restrictions, reflecting a growing acceptance of digital assets within the financial landscape.