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Over the last few years, South Korea has become a hotspot for cryptocurrencies and the region captures a large amount of the world’s digital asset trade volume. A survey published on April 20 by the Korea Financial Investment Association shows that the average South Korean cryptocurrency trader has increased their crypto holdings by 64.2% over the last year.
Also read: Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings
Residents and citizens of South Korea have formally requested the country’s government and the executive office of President Moon Jae-in, better known as the Blue House, to provide a cryptocurrency and blockchain regulation-free city within the country.
For many years, the South Korean government has utilized a petition system to communicate with its citizens and potentially impose new regulations or make changes to existing policies based on their requests. Last year, local citizens filed a petition to the Blue House to revoke the announcement of Justice Minister Park banning cryptocurrency trading.
Popular South Korean cryptocurrency exchange Bithumb is partnering with digital payment service provider Korea Pay Services (KPS) to pave the way for widespread digital asset adoption in the country. Both companies are working to give over 6,000 of the country’s retail outlets the option of accepting cryptocurrency payments for goods and services.
South Korea has proven both beneficial and important to the cryptocurrency community. Presently, the nation stands as the third-largest market for cryptocurrency trades behind the U.S. and Japan.
South Korea cryptocurrency users are voting en masse against the country’s prospective trading ban and demanding ministers resign.
The results of two government surveys shows support exceeding 100,000 people for halting the restrictions on trading, while more than 30,000 want to see the justice minister and finance minister fired for “market manipulation.”
South Korean lawmakers have stepped up efforts to severely limit cryptocurrency activity under their jurisdiction in recent months.
Tax obligations, a single exchange account per citizen and bans on ICOs and Bitcoin futures have combined to produce an overall hostile environment in what was once the biggest Bitcoin trading market in the world.
