South Korean Cryptocurrency Exchanges Struggle Under New Regulations
On July 19, 2024, South Korea implemented the Act on the Protection of Virtual Asset Users as part of its efforts to enhance security in the virtual asset market. While the intention behind the new crypto law is to foster a safer environment for users and regulate the market effectively, it has resulted in a considerable decrease in trading volumes for major South Korean exchanges like Upbit. These exchanges are grappling with the immediate consequences of the regulation.