A regulatory overhaul could drastically reduce the amount of stock exchange activity in South Korea. According to FT, 40 of the 60 exchanges operating in the country are expected to close due to the inability to comply with the Financial Services Commission's new regulatory framework. This rule, which has a deadline of September 24 next, stipulates that all exchanges must register with the institution in order to operate in the country.

However, many of these exchanges cannot meet the requirements to do this. The law stipulates that every crypto exchange must partner with a baking institute to open real bank accounts for customers. However, banks have refused to do this to avoid being linked to money laundering cases.

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