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South Korea has been going on with its Regulatory Scrutiny for a while and now it seems there is a new order that has been established which is that

Exchanges cannot handle Coins that they Issued Themselves.

So what does this mean?

It basically means that Coins like Binance Coin, Kucoin Shares, etc that give some sort of incentive for traders to hold whether it is via low transaction fees or regular Token Burns are a no-go in South Korea. Just so you know I took Binance and Kucoin as an example and they are not banned in South Korea. I feel like this is something they are doing so that there is not a lot of manipulation involved as obviously the Exchange would have a huge incentive to promote their own Coin on their own Platform more than the others.

Now I am not so sure if they are also including Projects that are being launched into certain Exchanges. This is something I am not sure about yet but I feel like they would be included in this list as well since the exchanges have the same incentive to promote these Coins as well.

As of right now, Upbit Exchange has already stopped deposits of a bunch of coins like KOMODO, LBRY, VITE, SYS, BASIC, and many more. You can check their official announcement via this link where they put up their Notification with all the necessary details. The Government has also imposed a hefty fine of over 88000 USD and potential suspension of Operations so yeah this is indeed happening.

So what are my thoughts on this?

To be honest it really looks quite harsh but at the same time, I do understand that Initial Regulations are indeed going to be tough and Harsh as we are getting into something new which most of the people in the world are yet to understand. So I am at least happy that some sort of regulation is happening in South Korea which could lead to future changes and more favorable regulations.

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