1 day ago · Bitcoin’s near-vertical rally to over $35, in the past weeks has brought back the so-called “Kimchi Premium,” data from on-chain analytics provider CryptoQuant showed. Named after a popular dish in Korea, the Kimchi Premium refers to higher prices for cryptocurrencies—especially large-caps like Bitcoin—on Korean exchanges in times of high volatility. Cryptocurrency exchanges in South korea are currently being overseen by the South Korean Financial Supervisory Services. Crypto Regulations in South Korea South Korea recently passed a bill to regulate Bitcoin and other cryptocurrencies in line with FATF (Financial Action Task Force) Standards. 31 rows · Feb 13, · There are several ways to buy bitcoin with cash in South Korea, including .
Bitcoin korean exchangesExchanges - Bitcoin
The real-name verification system was initially introduced back in January but was not required. Crypto exchanges in South Korea were encouraged to partner with approved banks to use the system. Some of the largest exchanges operating in South Korea such as Bithumb, Upbit, Coinone, and Korbit have already been able to implement this system with partner local banks. The real-name verification system prevents money laundering since users will have to link their bank account through which they can deposit or withdraw fiat currencies.
With several cryptocurrency exchanges already partnered up with traditional banks, buying Bitcoin and other cryptocurrencies directly with fiat is an easy task for South koreans. You can refer to our cryptocurrency exchange guides to see the differences among the different exchanges when it comes to different criteria such as transaction fees, security, verification requirements, and payment methods.
Bitcoin ATMs are also another option to get your hands on Bitcoin and other major cryptocurrencies. This partnership brought online over 7, ATMs nationwide to offer Bitcoin. Users can purchase it using their credit cards. With this, ATM machines in convenience stores have become a gateway for people to easily access Bitcoin and other cryptocurrencies.
Kakao is one of the largest tech companies in South Korea. It owns the most used messenger service with millions of users. It has also continuously been investing in blockchain and cryptocurrency related startups. They recently launched their own global public blockchain called Klaytn. It aims to bring its enterprise-grade, service-centric and user-friendly blockchain platform to its millions of users.
It already has the support of some of the top companies globally such as LG electronics and Binance. Another blockchain project that has garnered support from top South Korean companies is Mil. Some of the companies that are part of this alliance includes Shinsegae Duty Free and Yanolja, one of the fastest growing travel companies in South Korea.
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News Coins. By Shaurya Malwa 3 min read. Image: Shutterstock.