2022 was a challenging year for the entire globe with respect to the crypto-verse. The entire industry crumbled amidst a spike in crime related to the sector. The South Korean government, while regulating the space, saw the inflow of $4.3 billion worth of illegal foreign transactions connected to crypto.
According to a recent report, the Korea Customs Service revealed that 5.6 trillion Korean won were involved in illegal transactions in 2022. Quoting the Korea Customs Service, a total of 15 instances of unlawful cryptocurrency transactions accounted for close to 70% of the 8.2 trillion won in total illicit offshore trades discovered by customs.
This was also connected to the expensive premiums in the nation. Exchanges in South Korea often trade at higher premiums than those found abroad since local restrictions prohibit international firms from servicing investors and vice versa. Nonetheless, the bulk of illicit transactions occurs when the purpose of cross-border financial transfers is misrepresented. Most trades attempted to purchase cryptocurrency outside of South Korea for a discount before selling it there.
It should be noted that back in 2021, there were a total of 1.8 trillion won worth of illegal foreign transactions. The 211% surge was astounding considering the state of the market.
Here’s what South Korea thinks about crypto
As per a recent survey by Pharos Labs, nearly half of the 2,000 participants were bullish about Bitcoin. 45% of the respondents suggested that Bitcoin’s price was poised for a rise. In this, 7% expect to see a “sudden jump.” 2% were watching out for a “sudden sharp drop.”
At press time, BTC was trading for $22,429 with a 0.04% daily surge.
Additionally, Binance recently made headlines in South Korea. The crypto exchange noted that it was looking to enter the market. With Upbit currently dominating the crypto space in the region, it could soon get a run for its money. At least, this is what South Koreans think.
When asked what influence Binance’s debut in Korea will have as the biggest crypto exchange in the world, 36.9% anticipated that it would overtake Upbit and Bithumb and take the top spot. 51.3% said it may end up being a significant exchange. 10% expect Binance to remain at the level of small and medium-sized exchanges.