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Cryptocurrency is huge within South Korea at the moment, with it thought that one in three of every resident within the country is being paid or either owning a form of the digital currency.
It perhaps should not come as a surprise given that the Asian country is one of the most progressive in the world when it comes to innovation and technological advances and with the availability of the virtual coins having been made aware to citizens within the country, it should come as no shock that a number of the population has an interest. Due to the fact that crypto tokens in Asia are gaining popularity, they allow citizens to start partaking in crypto gambling with Ethereum and Bitcoin as it could be possible because a cryptocurrency casino accepts players from Asia, thus making it potentially appealing to bettors within the region. Due to the fact that the country is incredibly receptive to new technologies, there is a suggestion that South Korea could actually look to regulate blockchain-based cryptocurrencies. This would be incredibly different to China, as the Asian country had decided to crack down on digital tokens.
Nonetheless, the appeal of Bitcoin and Ethereum, as examples, can already be seen widely throughout the country, with the reported volumes to be on top Korean cryptocurrency exchanges is thought to be higher than the nation’s stock market, thus suggesting that people are starting to signal their intentions as many look for change as they feel the stock market is corrupted by the four family-owned “chaebols” (conglomerates) due to their status and political influences.
Whilst there is thought to be a financial revolution brewing in the country, there is no doubt that the times are changing with a new generation of citizens coming through. Young citizens are adopting and embracing crypto in their waves, with many already familiar with various methods of payment due to the technology and the world’s quickest internet speeds that they have available to them.
Despite the fact that the government had passed legislation in 2020 to crack down on the investments being made on the blockchain, the youth have continued to leave their jobs to explore the possibility of day-trading crypto instead, as many of them see it as the best and quickest way in which they will be able to generate wealth compared to the traditional employment forms. There have been a number of regulations to have been brought in to try and protect traders, with the Financial Services Commission (FSC) having ordered cryptocurrency exchanges to have a “Virtual Asset Service Provider” (VASP) license to operate and needed to have the license by September 2021, however, none had applied. It would appear that there is a battle within South Korea between the government and their young residents, as the citizens of a certain era clearly believe it could be the way forward for them whilst the government is keen to regulate it in a way whereby it can benefit them, albeit at the expense of their citizens via taxes and new registration laws.
FSC chairman, Eun Sung-soo came under fire for remarks he made about crypto, as his negative comments led to over 300,000 signatures on a petition calling for his resignation from angry South Koreans. Indeed, if none of the smaller exchanges were to apply for the license and were to be shut down for failing to comply with the regulations implemented, South Korean youths could be dealt a huge blow, as could the entire globe looking to invest.
