The regulation of cryptocurrencies in South Korea has faced criticism for being strict and even suffocating for the sector. Many believe that the government is more focused on control and revenue collection than on encouraging innovation. The 20% tax on profits starting in 2025, for example, discourages small investors. Additionally, the requirements for companies and institutions to enter the market are bureaucratic and may deter new projects. Although the rhetoric is about security, in practice, it seems that the government wants to keep a tight grip, which could delay the growth of the crypto ecosystem in the country.