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South Korea’s won-based crypto trading market has grown rapidly in recent years, yet competition has narrowed to a few dominant exchanges led by Upbit. A new competition impact assessment highlights the risk of market concentration and potential foreclosures for smaller players. Regulators are currently debating phase two legislation for virtual assets, signaling a shift toward enhanced oversight.
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The study underscores potential implications for pricing, access, and competition as incumbents gain sway. The regulatory conversation focuses on whether further rules are needed to preserve fair competition and protect consumers. Industry observers note the decision could influence Korea’s market governance and may set precedents for global exchanges.
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