Exchanges were given until September 24, 2021 to apply for a license—those who did not do so, were no longer allowed to operate in South Korea.
Crypto in South Korean politics
Yoon may have won South Korea’s presidency, but he was not the only pro-crypto candidate in the race.
Lee Jae-myung, another presidential candidate in South Korea’s race, turned to NFTs to fundraise his election campaign.
“As the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could appeal to them,” a Lee campaign official told Yonhap News earlier this year.
“It is high time that we undertake innovative experiments to enhance our understanding of these future technologies and change perceptions of digital currencies and NFTs,” Lee also said.