South Korea’s New Pro Crypto President: Will they lead again in the Crypto Space?

Regulations in South Korea

South Korea’s relation with the Crypto Space has gone way back to 2013 where Bitcoin interest was spiking up in the country but it refuses to recognize Bitcoin as a local currency due to the high amount of cyber crime present in the space. Despite all of these, South Korean Crypto Space continued to grow in 2017 with the emergence of young traders looking to make returns out of this new space.

Source: https://bitcoinist.com/breaking-down-what-south-koreas-crypto-crackdown-means-for-the-industry/

How will this new regulation affect Crypto Space?

South Korea’s Crypto Space as what we know by now has been dominated by young millennials who are looking to make a living through cryptocurrency and it is also one of the most technology advanced country in the world so combining both of these factors then you will end up with a crypto powerhouse that is ready to make the leap forward. As of the end of 2021, there are more than 5.5 Million Crypto users with an estimated holdings of $45.9 Billion in the country and with the recent NFT craze going on in the country, it shows that the country really needs the right Regulations to protect this space.

Source: https://www.thecoinrepublic.com/2022/03/11/why-was-cryptocurrency-extremely-essential-in-koreas-latest-election/

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