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According to Sergey Kunz, co-founder of the decentralized exchange aggregator 1inch, the DeFi industry is not very well developed in South Korea, but it has great potential and prospects.
During the Korea Blockchain Week 2022 conference, 1inch co-founder and CEO Sergey Kunz noted that the DeFi market in South Korea and Asia is relatively small. 1inch management is going to change this and expand their services to users in Asian countries. To do this, the company plans to enter into partnerships with one or more startups in the field of Web3.
The main reason for the poor development of DeFi projects in South Korea, Kunz called the lack of user awareness.
“Once people realize that they can make money from income farming, exchange tokens and access tokens on Ethereum through other compatible blockchains, the market will grow significantly. In Korea, PC games and other projects are very fond of, so I think the DeFi market can grow significantly in this region,” said the CEO of 1inch.
Now the management of the aggregator is working on a partnership with the Klaytn platform, focused on the metaverse.
Recently, the South Korean authorities announced that they plan to implement tough measures against tax evasion using virtual assets and platforms that work with them.
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