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A Quick Guide to Cryptocurrency-related Regulators and Companies in Korea

Overview

South Korean government officially legalized Bitcoin service providers to facilitate payments, transfers and trades back in July 2017, causing significant growth in the demand for cryptocurrency trading in the country. By mid-2017, the local exchange market already processed over 14 percent of global Bitcoin trades, being the third largest market behind the U.S. and Japan. In December 2017, the government notoriously banned anonymous trading on local exchanges. In January 22 this year, the South Korean government also announced a substantial tax levied on local crypto exchanges.


Important Regulators to Know

Important Regulators to KnowQuick Description
Financial Services Commission (FSC)South Korean government’s top financial regulator
Financial Supervisory ServiceSouth Korea’s integrated financial regulator that examines and supervises financial institutions under the broad oversight of the Financial Services Commission
South Korea’s Ministry of Science and ICTKorea’s ministry that sets, manages, and evaluates science and technology policy, support scientific research and development,
Financial Innovation BureauFSC’s department dedicated to cryptocurrency and blockchain
Korea Internet & Security AgencyKorea’s internet content watchdog
Blockchain Industry Associationan industry body tasked with implementing self-regulatory measures for the Korean crypto market,

List of crypto-related companies and exchanges

CompaniesExchangeProjects
KakaotalkBithumbICON
SamsungUpbitTerra coin
SK TelecomCoinone
Shinhan bankKorbit
GroundX

comment: most crypto projects in Korea are enterprise and large public companies conducting reverse ICOs

Other reads: https://globalcoinresearch.com/2018/10/15/a-primer-on-south-korea-cryptocurrency-a-complicated-relationship/

To learn more about the rest of Asia, start off with our GCR Asia Assessment grid:

Here is a quick overview of the blockchain business landscape by FoundationX:

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