Korean cryptocurrency projects tend to be launched overseas rather than local

According to Cointelegraph on August 21st, cryptocurrency industry experts noted the surge in blockchain-focused projects that attempt to list their products on overseas platforms. South Korea has stricter cryptocurrency trading market conditions, and investors cannot make or cancel Korean Won deposits on the Korean exchange. In addition, about 200 small exchanges are unable to open real-name accounts, and 97% of local exchanges are at risk of bankruptcy due to low transaction volume. After the FATF guidance issued in June, the Korean cryptocurrency exchanges Bithumb, Upbit, Coinone and Korbit must comply with the new and stricter specifications to successfully update their banking partnerships. The harsh environment has led to Korean cryptocurrency projects tending to be launched overseas rather than local.