The trading volume of cryptocurrencies in South Korea has surpassed the volume traded in the local currency, the won. Notably, the market is dominated by the platform Upbit, which holds over 80% control of spot trading volumes. Smaller platforms like Bithumb and Korbit are implementing zero-fee trading offers to gain market share from Upbit. These two altcoins represent over 80% of the country’s trading activity.
The increasing interest in cryptocurrencies has also impacted political discussions in South Korea. Despite regulatory moves, the country’s adoption of crypto has been steadily growing.