{"id":13592,"date":"2024-11-14T12:20:33","date_gmt":"2024-11-14T12:20:33","guid":{"rendered":"https:\/\/cryptoproguide.com\/%d0%bf%d0%be%d0%bf%d1%83%d0%bb%d1%8f%d1%80%d0%bd%d1%8b%d0%b5-%d0%ba%d0%be%d1%80%d0%b5%d0%b9%d1%81%d0%ba%d0%b8%d0%b5-%d0%ba%d1%80%d0%b8%d0%bf%d1%82%d0%be%d0%b2%d0%b0%d0%bb%d1%8e%d1%82%d1%8b-%d0%b8\/"},"modified":"2024-11-22T11:28:47","modified_gmt":"2024-11-22T11:28:47","slug":"popular-korean-cryptocurrencies-and-projects","status":"publish","type":"post","link":"https:\/\/cryptoproguide.com\/id\/popular-korean-cryptocurrencies-and-projects\/","title":{"rendered":"Popular Korean cryptocurrencies and projects"},"content":{"rendered":"\"Korean\n

Southeast Asian countries are often considered as drivers of the digital assets market. According to the resource CoinMarketCap, the average daily trading volume of the 4 largest South Korean crypto exchanges (Upbit, Bithumb, Coinone, Corbit) in November 2021 is $10.71 billion. More than 260 coins are represented on these platforms, 33% of which come to the market from local projects. Bitcoin accounts for only 15% of total sales, well below the global figure. The top three traded Korean cryptocurrencies are TMTG, ANW, and FLETA. But LUNA, KLAY, KOK have gained international popularity.<\/p>\n

Peculiarities of cryptocurrency regulation in South Korea<\/h2>\n

In 2021, the intergovernmental Financial Action Task Force (FATF) updated the recommendations on working with digital assets several times, calling on countries to strengthen control over the market. Against this background, the cryptocurrency law in South Korea became a logical continuation of the state’s policy aimed at full legalization of the industry.<\/p>\n

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The new rules came into force in March 2021. The legislator equated exchanges and companies working with digital coins to financial organizations. They are now required to obtain an information security management system (ISMS) certificate, authenticate customer names and comply with KYC requirements. To trade cryptocurrencies, traders need to open an account with an authorized bank, which can be used to deposit and withdraw digital coins.<\/p>\n

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The country’s financial regulator (FSC) strictly enforces the rules. In September 2021, 35 crypto exchanges (Darlbit, Bitsonic and others) were closed down, whose activities were recognized as illegal. Restrictions also apply to foreign trading platforms. They need to obtain authorization documents from the Financial Intelligence Unit (KFIU).<\/p>\n<\/blockquote>\n

Also, from January 2022, amendments to tax laws will come into force in South Korea. Citizens will be obliged to pay tax on income from transactions with digital assets worth more than 2.5 million Korean won (about $2.1 thousand at the exchange rate as of the end of November 2021).<\/p>\n

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Despite the tightened regulation, the demand for cryptocurrency in the country continues to grow. According to Korean media, the number of registrations on the Bithumb exchange in 2021 increased by 760% in comparison to 2020. During the same period, the number of new accounts at NH Nonghyup Bank, Shinhan Bank and K bank increased by 30% (from 1.08 million to 1.4 million).<\/p>\n

Popular Korean cryptocurrencies<\/h2>\n

In November 2021, the analytical company Broker Chooser published a report on interest in digital assets based on the analysis of Google rendition. Experts compared the indicators of September 2020 and 2021. It turned out that most often users were looking for information about fast-growing coins. The top three leaders who showed the largest annual price jump were:<\/p>\n