South Korean crypto exchanges hold 566,352 foreign accounts, with only 90 active last month, representing a 0.01% activation rate. Just 517 foreign accounts have completed KYC verification, or 0.09% of the total. The value of dormant assets in these accounts reaches approximately 30.36 billion won ($21.9 million), averaging around $38 per account. These figures stem from a 2021 revision to financial transaction laws that imposed real-name banking requirements, effectively blocking foreign access without a Korean resident registration number. Industry observers warn that this regulatory framework undermines Korea’s competitiveness as a crypto hub.
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