Potential Impact on South Korean Crypto Industry
The number one and two crypto assets by market capitalisation are currently trading at a large premium across South Korean exchanges. Bitcoin is selling close to $800 more than the rest of the world and Ether at around $20 higher.
Normally, when such a premium appears, traders are quick to arbitrage out the price difference. This may be taking longer than usual, however, due to regulations introduced last year in the nation.
As mentioned, Bitcoin is currently trading at around $800 more at many of the crypto asset exchanges serving South Korea than it is elsewhere. To buy an entire Bitcoin right now would cost more than $12,600 at almost all of the major exchanges in the nation.
Supporting the idea that South Koreans are hungry for cryptocurrency once again is a report in Trust Nodes. The publication claims that an employee at one of the nation’s banks complained at the extra work demanded of them thanks to the regulatory requirements and the sheer numbers of people wanting to open up trading accounts at one of the nation’s crypto exchanges of late.