Tether and Circle have initiated new hiring efforts to strengthen their presence in South Korea, aiming to solidify their operations in the local market. This move follows recent staffing changes within both companies. Circle, in particular, has focused on expanding its business activities in the region since its CEO’s visit to South Korea last year. Regulatory changes are anticipated in South Korea regarding digital currencies and stablecoins, especially after the implementation of the Digital Asset Basic Act. Under this law, foreign stablecoin issuers may be required to establish local branches to better manage token distribution within the market. These regulatory adjustments aim to enhance transparency and security in the cryptocurrency market. As leading global stablecoin providers, Tether and Circle seek to stabilize cryptocurrency prices and offer users a secure digital currency experience. Their expansion in South Korea, a rapidly growing crypto market, could strengthen their position significantly. While the new regulations are expected to bring greater market discipline, they may also introduce additional operational costs and complexities for these companies. The requirement to maintain local branches will compel them to comply with domestic rules, presenting new challenges. This expansion by Tether and Circle reflects a broader trend toward increased regulation and structured business operations within the cryptocurrency industry, especially in fast-developing markets like South Korea.
Source: binance
