As the current year ends, it marks a new chapter for the success of cryptocurrencies in the entire world. No matter the country, it has interacted or reacted to the cryptocurrency technology one way or another. When talking about significant development and growth in the industry, South Korea is a country that has shown great potential.
For a very long time, the people of South Korea have shown a lot of interest and skills in the technology sector. There is huge chunk South Korea’s population that is tech-savvy and when it comes to the Youth, there is no one that can match South Korea.
This is the reason why the country even has a 4.0 Sector that is dedicated to technology advancements and is focused on Artificial Intelligence as well as Networking.
Even the South Korean Government is spending a lot of resources towards the growth of the crypto-blockchain industry in the country. Just recently, the South Jeolla Province in South Korea allocated around $14 million to different technological companies in the region. The Government from the South Jeolla Province did this to increase job opportunities in the technological sector.
This step from the South Korean Government has proven to be a stepping stone towards mass-cryptocurrency adoption in the South Jeolla Province as well as the entire country.
However, the South Korean Government is also taking all the necessary steps to ensure that the crypto-industry in the country is streamlined. To achieve this, the South Korean Government has already prepared the regulations surrounding the cryptocurrency universe. Initially, it was decided that the regulations will be imposed from the 1st of January, 2021.
But as the Cryptocurrency Association requested for some more time to be added, the South Korean Government extended the implementation from January 2021 to March 2021.
Now with only 2 months left, the cryptocurrency exchanges in South Korea have become active in regards to regulatory adoptions. The cryptocurrency exchanges all across South Korea are now putting an end to the policies that held them responsible for sharing order books with cryptocurrency exchanges outside of South Korea.
At present, order book sharing is considered common among the majority of the cryptocurrency exchanges in South Korea. Not only this, but the South Korean exchanges have to make a lot of amendments and rectifications at their end before they can legally operate in the country.
There are many crypto-exchanges that have already ended their ties with foreign crypto-exchanges when it comes to order book sharing.
On December 28, 2020, Aprobit exchange from South Korea announced that it was ending its order book sharing with Bitfinex. Another exchange ‘Huobi Korea’ announced that it is going to stop sharing order books with Huobi Global by the end of 2020.