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Kim Byung-wook said he believes the crypto industry is unique and different from traditional finance.
Eun Sung-soo, head of South Korea's chief financial services regulator, said no crypto exchange had applied for its VASP license.
The government's "special enforcement period" stems from a new crypto-related law that took effect this year.
Prosecutors moved to liquidate the stolen goods on March 25 when the nation's law defining crypto as“virtual assets” went into effect.
South Korea may not be planning to ban cryptocurrencies, but its regulatory regime may only favor the biggest incumbents.