New platform regulation in South Korea forces a majority to close its doors
Last July, the news cooled the cryptocurrency sector in South Korea, once considered a very open country on the subject. This government provision provides that all platforms allowing the purchase and sale of digital assets or referenced with the local Financial Services Commission (FSC).
Although the FSC press release seems to target only foreign platforms, it is indeed all exchanges, local and international, who will need to obtain a license in order to continue offering the services to South Koreans. The deadline is set for September 24.
The players in the cryptocurrency sphere are critical of this new regulation, especially in thatit requires to have a bank account in South Korea. However, local banks are a bit like French banks, namely rather cautious on the subject.