South Korea: online cryptocurrency exchanges will become institutions that will be full-fledged.
South Korea is known from countries in which cryptocurrencies are extremely popular. Even 40% of young Koreans buy cryptocurrencies. These are figures provided by the Central Bank of South Korea. The willingness to invest in this market was expressed by 24.2% of the inhabitants of this country.
It is known that over one million Koreans have bought cryptocurrencies. It is estimated that those exchanges are responsible for 1/5 of the global turnover of the entire market. The Bithumb Exchange is in the top five stock exchanges, which are the largest.
It is known that Koreans are very interested in BitCoin. Thanks to this, it drew the attention of the local authorities. At one point, the Korean government wanted the stock exchanges closed. However, the society of this country did not give up and organized a petition in which 215,000 Koreans signed in, which forced the authorities to change their decisions.
The Korean government is now approving plans for a market that is critical in its own country. Thanks to this, the exchanges will become fully-fledged. However, the new law has its advantages and disadvantages. Negative AML policy and termination of anonymity in transactions can be mentioned as negative.
The latest regulations at some level force more emphasis on security on the stock exchanges, which is hard at the moment.