- November 3, 2018
- Posted by: Jay
- Category: Cryptocurrency
As reported in CCN recently, South Korea’s Finance Minister approved banks working with Crypto Exchanges. It appears that the country’s regulators have figured out all the hurdles to open the on-ramps for South Koreans to freely trade in cryptocurrency.
South Koreans through the banking system can create virtual bank accounts to move South Korean Won (KRW) into the exchanges securely.
The enthusiasm and positive sentiment for this can be seen when looking at trade volume for the top Korean exchange, Bithumb. As the number one volume rank, the South Korean exchange commands an overwhelming 20% share of world volume, with the second exchange ZB (Hong Kong) at 6%. For US readers comparison, Okex commands just under 4%.
As we continue to see governments flip flop and move slow on policies that support the trade of Cryptocurrencies, South Korea is gaining a solid foothold as the world leader in the space.