South Korean Won Becomes Most Common Currency for Trading Crypto Assets by Coin Edition



  • The South Korean won’s trading volume exceeds that of the U.S. dollar.
  • Upbit accounts for 80% of the total trading volume in South Korea.
  • Crypto.com recently postponed its debut in the South Korean market.

The South Korean won has surpassed the U.S. dollar as the most commonly used currency for trading Bitcoin and other digital assets.

According to Bloomberg, this growth is mainly concentrated in Upbit, an exchange located in Gangnam District, Seoul. Upbit’s wide selection of listed tokens and user-friendly interface have helped it capture a large portion of the South Korean cryptocurrency market.

Upbit accounts for more than 80% of South Korea's trading volume, and its dominance in the local market is unparalleled. It ranks among the top five in the world by trading volume and competes fiercely with Coinbase (NASDAQ: ).

Notably, new legislation aimed at protecting investors following the collapse of Do Kwon’s TerraUSD stablecoin in 2022 appears to further solidify Upbit’s control of the market. Under the regulations, cryptocurrency exchanges will be required to increase reserves, obtain investor protection insurance, and step up monitoring of suspicious transactions.

While these measures are intended to protect investors, they may inadvertently strengthen Upbit’s…

The post South Korean Won Becomes the Most Common Currency for Crypto-Asset Trading appeared first on Coin Edition.

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