By the end of January–March 2024, the South Korean won surpassed the US dollar in total trading volume on bitcoin exchanges - $ 456 billion against $445 billion. Such estimates were presented in Kaiko.
Data: Kaiko.The last time such high activity was observed on South Korean cryptocurrency platforms was two years ago. The drivers were the improvement of the macroeconomic situation and fierce competition.
Experts recalled that at the end of 2023, Bithumb and Korbit launched aggressive campaigns with zero commission in an attempt to oust the leading Upbit (an average share of 82% over the past three years).
While Korbit's position (1%) in the market has not changed significantly, Bithumb managed to triple its share after the policy change in October 2023.
Data: Kaiko.According to analysts, turnover decreased in early April, but the approval of spot ETFs for bitcoin and Ethereum in Hong Kong may change the situation.
The Block recalled that in March, during the rally, the volume of cryptocurrency trading on local platforms briefly exceeded the indicator of the country's stock market.
On April 10, the opposition Democratic Party won the elections to the local parliament in South Korea, which received 175 mandates out of 300.
In February, the media reported that two major political forces were considering approving spot bitcoin ETFs.
Such plans are at odds with the position of the FSC, which warned about the inaccessibility of retail customers' access to such tools. On January 11, the agency confirmed its commitment to the rule that restricts the launch of exchange-traded products based on the first cryptocurrency.
Recall that in June 2023, the South Korean parliament passed a law on the protection of users of digital assets.
The document combined 19 different bills related to cryptocurrencies. He introduces the concept of "digital assets" and defines responsibility for offenses such as the use of insider information, market manipulation and unfair trading practices.
