Until recently, both Korean and overseas crypto-investors spoke of the “kimchi premium” in South Korea, referring to the soaring local demand for Bitcoin driving prices to be as high as 30% over prices found in exchanges in other countries.
These days, however, after tighter regulations implemented by the South Korean government, the reverse phenomenon is being observed, with local prices are lower than international prices. This is now being dubbed the hamburger premium.
Monday morning in Asia, while Bitcoin was showing a price of $8.000.41 USD on CoinMarketCap, BTC was showing a price of $7,915 USD on South Korean exchanges.
Cryptoinvestors who had seen the writing on the wall and were dreading having to link their assets to their real identities as mandated by the new regulations are quietly moving their cryptocurrency holdings to overseas exchanges.