South Korea, a growing cryptocurrency market worth over $200 billion, is home to almost 7 million users and is the second biggest in East Asia after China. This strong rate of adoption might partly be due to a highly digital culture and the volatility of the South Korean won (KRW). However, the spectacular collapse of the Terra Luna cryptocurrency, led by South Korean entrepreneur turned international fugitive Do Kwon, has rattled the country’s digital assets industry.

The government has called for greater transparency and accountability in the sector and is also looking into regulating the industry more effectively. However, even with more regulations on the way, it does not appear that it will derail the country’s appetite for cryptocurrencies.