Seems like S Korea are implementing a quite strict "walling" of crypto both geographically and financially. So interacting with exchanges/vasps will be limited to domestic regulated entities and on/off ramp will be through domestic bank arrangements. That, to me, implies some strict KYC/AML compliance that users will need to abide by in order to play.

I think it's good to pay attention to how different jurisdictions are regulating as it informs about what to expect more widely as time goes on. Singapore, Japan, S Korea and HK are worth watching in that regard.