How to Buy Cryptocurrency in South Korea
Buying cryptocurrency in South Korea
The young population of South Korea considers crypto a popular form of investment, and many see it as a saving grace from the high unemployment rates in the country. According to a study cited in Quartz, more than a third of South Korean workers invested in cryptocurrencies like Ethereum and Bitcoin in 2017. Towards the end of 2020, investors took note as cryptocurrencies soared in several key markets, South Korea being one. In March 2020, new legislation was passed by The South Korean National Assembly, paving the way for legalization and regulation of cryptocurrencies and cryptocurrency exchanges. New legislation was passed in reaction to the growing crypto ecosystem in the midst of the pandemic, hoping to manage the industry and establish anti-money laundering regulations. It was also an effort to dampen enthusiasm in crypto markets, keep control of the spread of blockchain, and to manage the volatility of cryptocurrency prices.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from South Korea. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Bybit
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
Limited asset coverage
- No option instruments
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