Why does kimchi premium exist?

Excuse me, I'm quite confused about something. I've noticed the concept of 'kimchi premium' mentioned in several discussions about cryptocurrency, but I don't quite understand its significance. Could you please explain to me why this premium exists? Is it a reflection of some underlying market conditions or is it due to specific factors related to the Korean market? Also, how does it influence the overall crypto market and investors' decisions? Thank you for your time and expertise.