South Korean Won Surpasses US Dollar in Crypto Trading Dominance

During the first quarter of 2024, the South Korean won surpassed the U.S. dollar as the most-used currency for crypto trading, according to research firm Kaiko.

With a cumulative trade volume of $456 billion, the won outpaced the dollar’s $445 billion, marking a significant shift in trading dynamics. South Korea boasts one of the world’s most active cryptocurrency markets, with local exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax dominating. Upbit, in particular, commands over 80% of the market share on most days.

Global giants like Crypto.com and Binance are also eyeing the South Korean market, with Crypto.com launching its retail trading platform in April and Binance acquiring a stake in Gopax. However, regulatory hurdles remain, with delays in approving ownership transfers due to concerns about legal issues. Meanwhile, South Korea’s government is intensifying efforts to regulate the crypto sector, enacting laws to protect investors and enhance market transparency.

Clever Robot News Desk 18^th April 2024