KakaoBank, a South Korean mobile bank, has announced the launch of a new cryptocurrency price tracking tool in collaboration with Coinone, which may lead to the introduction of trading services.
New Tool from KakaoBank
KakaoBank has launched a new tool for checking cryptocurrency prices, allowing users to access real-time information about prices and other parameters such as trading volume and market capitalization. Users of the app can already see prices for Bitcoin and Ethereum. A company spokesperson stated that the system displays rankings based on transaction volume and other numerical metrics.
Legal Environment for Cryptocurrencies in South Korea
South Korean regulators are cautious about cryptocurrencies and related sectors. Since the beginning of the year, authorities have advised Apple Store and Google Play Store to block access to certain international cryptocurrency exchanges that are not registered in the country. In April 2023, reports indicated the removal of 14 cryptocurrency apps from the iOS Store, and 17 apps from the Play Store in March.
Future of Cryptocurrencies in South Korea
Despite regulatory efforts to limit access to international cryptocurrency platforms, South Korea is still viewed as a potential hub for cryptocurrencies. While the UAE and Hong Kong compete for leading positions, experts suggest that the country may soon become a significant player in the crypto market.
KakaoBank's new tool represents a step toward integrating cryptocurrencies into traditional banking services. While the market in South Korea faces regulatory barriers, ongoing discussions about the future of cryptocurrencies in the country provide a potential foundation for growth and development.
