South Korean Regulators Eye OTC Crypto Regulation
South Korean regulators look set to turn their attention to the over-the-counter (OTC) crypto market, with indications regulation could be on its way....
- South Korean regulators are turning their attention to the over-the-counter (OTC) crypto market, indicating that regulation could be on its way.
- The regulatory focus comes after recent scandals and allegations of market manipulation in the crypto industry.
- The OTC market in South Korea has been implicated in smuggling and tax evasion charges related to "kimchi premium" trading.
- The kimchi premium is a bull market phenomenon where retail BTC prices rise much faster in South Korea than elsewhere in the world.
- Law enforcers in South Korea want to regulate the OTC market, which they claim is becoming the epicenter of virtual currency-related crimes such as fraud and money laundering.
The sentiment of the article is negative, as it highlights scandals, market manipulation, and the need for regulation in the OTC crypto market in South Korea.