Much of the crypto boom has taken place within South Korea, with hundreds of thousands of citizens rushing to invest in crypto and a number of cryptocurrency exchanges popping up since the craze began. Over one-third of those living in South Korea have a crypto fund of over $5,000.

The excitement surrounding cryptocurrency within the country has also meant that South Korea\'s government has called for greater regulations.

The South Korean government has been discussing and drawing up crypto regulations since the summer of 2017. Following on from the government\'s 2017 announcement that crypto trading was to be banned in the country a number of South Korean crypto exchanges were removed from CoinMarketCap.

Lee Nak-Yeon, the South Korean prime minister, previously stated that cryptocurrencies could potentially lure young people into illegal acidities. The government also states that it plans to introduce a tax rate of 24.2% for all of the country\'s crypto exchanges. In addition, young people and foreigners will also be prohibited from opening crypto accounts.

What measures has the government taken to enforce the new regulations? The government has stopped crypto traders from moving funds into their exchange wallets if the account is not connected to the name on their bank accounts. They have also placed limits on anyone looking to open a new account for crypto trading.