South Korea's Crypto Comedy: The Great App Blunderland

In the latest episode of "Crypto Cops and App Bandits," our friends at the Financial Information Analysis Institution (IAI) and the Financial Services Commission (FSC) are starring in a hilariously unpredictable dance-off against foreign crypto exchanges, otherwise known as the new bad guys in town.

The Plot Thickens: Sanction Shenanigans

Rumor has it, straight from the trusty scrolls of Hankyung, that the watchdogs of righteousness are considering unleashing a fury of sanctions on those pesky exchanges performing magic tricks without a license in South Korea. Their ingenious plan? To put an invisible cloak over these companies' apps. Genius, isn't it?

Crypto Craze: Numbers That Even Seoul Can't Believe

You wouldn’t guess from looking at it, but over 16 million South Koreans, which happens to be a staggering 30% of the population, are already dabbling in the alluring world of crypto. Let’s just say crypto is so hot right now—it might even be invited to the next BTS concert. And as whispers go, this number could reach an eye-popping 20 million by 2025, which is surely a laughably ambitious goal unless crypto cards start coming with free kimchi.

The Comedy of Errors: The Great App Block

On April 11, in an unexpected plot twist, the FSC took its role in the narrative by blocking 14 crypto exchanges from the Apple Store. Google Play, never one to be left out, had already warmed up the crowd by blocking several unregistered exchanges, including the infamous KuCoin and MEXC, just a fortnight earlier. It's almost as if they’re having a friendly competition of "Who Can Block Best".

The Usual Suspects: Repeat Offenders or Newcomers?

• Among the targeted exchanges, KuCoin and MEXC are the current celebrities, and they’ve been shown the exit—thanks to some glorious app blockages that could only have been inspired by an impromptu game of digital charades.

The Reasoning: Villainous or Virtuous?

For those of you following the plot: the exchanges are allegedly playing international hopscotch without registering as graceful South Korean residents. New crypto passport policies must have gotten lost in translation!

Laughing All the Way to the Digital Bank?

While this may all sound like a comedic spectacle, there are serious notes to this symphony. Over 20% of South Korean public officials themselves have their wallets jingling with crypto coins, pledging allegiance to the new-age currency revolution. Meanwhile, compliance requirements remain thoughts of legend. Apparently, being a crypto operator in Korea requires more paperwork than a doctorate in paper folding.

The Finale: Who Will Win the Crypto Crown?

As the tale unfolds, one can only spectate this high-stakes comedy with a side of digital popcorn. Will the regulators get their curtain call or will the exchanges have the last laugh? Tune in for the next action-packed episode of "South Korea: Crypto Capers and App Bans"!