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South Korean Government Seeks to Regulate International Remittances Related to Crypto Kimchi Premium The famous gap in cryptocurrency prices in South Korean crypto exchanges and overseas ones known as “kimchi premium” raises some concerns among the nation’s government. The latest reports suggest that the country is planning to regulate international remittances tied to kimchi premium-driven transactions. Remittances to Exploit Kimchi Premium Could Be Flagged as Money Laundering According to Maeil Kyungjae, South Korea’s government has found that some domestic investors actively send their fiat abroad to buy crypto from sellers in China. The maneuver allows these crypto traders to sell the digital assets bought from the over-the-counter Chinese sellers and other locations in South Korean exchanges to exploit the advantages of the kimchi premium. ....
Bitcoin Sells for $65,882 in South Korea as Kimchi Premium Resurfaces South Korea’s kimchi premium is back big time. Bitcoin is trading for $65,882 in South Korea an 18.6% difference than on the global markets. In brief Bitcoin in South Korea is 18.6% higher than elsewhere: it’s the kimchi premium! South Korean banks and a major cryptocurrency exchange have introduced restrictions on money flows between crypto and the won, Korea s national currency. A bloodbath in the crypto markets today sunk the price of Bitcoin price on global markets by 14% to lows of $52,144. But the current price of Bitcoin, $55,553, is far lower than the price of Bitcoin on South Korean exchanges such as Bithumb and Korbit. On those exchanges, the Bitcoin against the Korean won for the equivalent of $65,882. ....
Why Kimchi premium is of no concern to local investors Posted : 2021-04-11 21:19 By Anna J. Park Ahead of the much-anticipated public listing of U.S.-headquartered cryptocurrency exchange Coinbase last week, one of the frequently talked-about issues in Korea s crypto trading circle has been the so-called kimchi premium ― the price gap between cryptocurrencies on Korean and foreign exchanges. During the past week, the kimchi premium soared up to 23 percent, meaning that the price of a bitcoin on Korean exchanges was 23 percent higher than that on foreign ones. The price gap is easily checked in real time at various crypto-related sites in Korea; as of 3:25 p.m. Sunday (KST), the kimchi premium stood at 17 percent for the bitcoin price at Korea s largest coin exchange Upbit compared to the overseas-operated Binance. ....
Apr 9, 2021 15:36 GMTCrypto News Bitcoin adoption takes off as institutions continue to jump on the digital currency bandwagon. PayPal co-founder Peter Thiel labels BTC as China’s “Financial Weapon” against the U.S. dollar. Bitcoin price could be due for a massive move as key on-chain metrics reset and others turn bullish. Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase. Eastern markets in the spotlight The “kimchi premium” refers to the difference between the BTC/KRW and the BTC/USD trading pairs. Different factors like domestic capital controls, limitations of Korean exchanges, and retail demand tend to affect the price of Bitcoin against the South Korean won relative to other fiat currencies. ....
Bitcoin is trading near $66,000 in South Korea as Kimchi Premium returns Bitcoin is trading near $66,000 levels in South Korea as Kimchi Premium has returned. Kimchi Premium is the spread between bitcoin s price on South Korean crypto exchanges and Western exchanges. Bitcoin is currently trading at around $66,200 on Bithumb, according to TradingView. That is whopping about 15% or $9,000 higher than bitcoin s price of around $57,000 on Coinbase. The Kimchi Premium suggests rising demand for bitcoin and ether in South Korea as the cryptocurrency market continues to soar worldwide. While there is Kimchi Premium, that doesn t mean one can buy bitcoin or ether at a lower price globally and sell it at a higher price in South Korea. That is because Korean crypto exchanges don t accept foreign clients due to local regulations. ....