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Cryptocurrencies

South Korea's 'kimchi coins' feel heat as crypto rules tighten

Cryptocurrency exchanges shed altcoins to prepare for stricter regulations

A monitor at the headquarters of Upbit, South Korea's largest cryptocurrency exchange, in Seoul shows prices of various cryptocurrencies. (Photo by Sotaro Suzuki)

SEOUL -- A South Korean cryptoasset exchange company has begun to handle fewer altcoins, cryptocurrencies other than bitcoin, a cleansing effort undertaken amid sudden drops in the currency markets that are hurting young people's investments but one that has come up against vehement opposition from coin issuers and investors.

There are more types of cryptocurrencies in South Korea than in the U.S. or Japan, including "kimchi coins," which are issued primarily by South Koreans.

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