The proliferation of virtual currencies in South Korea has resulted in a highly volatile environment for speculative and unregulated trading on the Korean virtual currency exchanges, Korean firm Bae Kim & Lee has warned.
The Korean virtual currency market remains desirable to issuers of initial coin offerings (ICOs), due in large part to Korea’s advanced e-commerce, online banking and P2P infrastructure being readily suited to the adaptation of blockchain technologies.
In a recent update, the firm said the Korean government has shown growing interest in, and concern about, the widespread availability, sale and use of virtual currencies in Korea, particularly with regard to the potential for fraudulent or illegal activities, and the increasingly speculative nature of the Korean virtual currency market.
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