The South Korean government’s decision earlier this year to put the brakes on a proposed crypto-crackdown has completely shaken up the industry. After a spate of crypto mania that gripped the entire country late last year came a crash – with many blaming the government’s anti-crypto stance. Public outcry followed, and the government eventually backed down.
However, since then, the ruling administration has found bigger fish to fry: such as brokering peace talks between North Korea and the United States, a major online opinion-rigging scandal, rising air pollution and a rapidly falling birthrate. The cryptocurrency industry has been left, for want of a better term, to fend for itself.
Despite some good early-year momentum, the country’s exchange platforms have endured a torrid past few months. Market leader Bithumb’s disastrous attempt to list Popchain – a token detractors claim is a “monopoly” – led to national outcry.