A significant number of cryptocurrency holders reside in South Korea. As the bitcoin sector becomes more mainstream, the rate of cryptocurrency acceptance in the East Asian nation has increased dramatically.
Recent research, however, suggests that some of these crypto transactions may be used for unlawful operations.
Bloomberg reported that the majority of unlawful foreign currency transactions in South Korea this year involved cryptocurrencies.
In addition, the data reveals that they have been involved in roughly three-quarters of all unlawful foreign exchange transactions so far this year.