Can someone explain the kimchi premium to me ?

[darkdenice]

Hi guys,
non Korean here so i think i'm missing a few pieces to make sense of it.

So right now there is a 10-15% premium on cryptos in Korea.
Now from what i understand you guys have a cap on how much foreign currencies you can convert per year and foreigners cant create accounts in Korea.

Is that just it ?

cheers.
Me.