South Korean Crypto Exchanges: Unveiling the Dramatic Shift in Kimchi Coin Listings
Main Idea
South Korean crypto exchanges have significantly reduced listings of 'kimchi coins'—locally issued cryptocurrencies—due to stricter regulatory compliance under the Act on Reporting and Using Specified Financial Transaction Information since 2021, leading to a more selective and safer market.
Key Points
1. 'Kimchi coins' are cryptocurrencies issued by South Korean blockchain projects, distinct from global cryptocurrencies like Bitcoin.
2. The Act on Reporting and Using Specified Financial Transaction Information (2021) imposed stricter AML and KYC regulations, causing exchanges to be more cautious with local token listings.
3. Only 5% of new listings on major South Korean exchanges (Upbit, Bithumb, Coinone) are now locally issued tokens, down from previous levels.
4. The regulatory shift aims to legitimize the industry, reduce risks, and align with global standards, though it limits speculative domestic projects.
5. Investors may face fewer high-risk opportunities but benefit from a more stable and compliant market environment.
Description
BitcoinWorld South Korean Crypto Exchanges: Unveiling the Dramatic Shift in Kimchi Coin Listings Have you ever heard of ‘kimchi coins’? If you’re tuned into the global cryptocurrency scene, especially concerning Asia, you might have. These are cryptocurrencies issued by domestic entities in South Korea, and they’ve long been a unique part of the nation’s vibrant digital asset market. However, a significant and dramatic shift has been underway since 2021, with major South Korean crypto exchanges ...
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