- The FSC has released a new report on South Korea’s crypto market cap.
- The market has registered remarkable growth.
- User activity and trading volumes registered dips.
South Korea’s crypto market capitalization has nearly doubled in the first half of the year, according to a study conducted by the country’s Financial Services Commission (FSC).
Local media outlets reported that the FSC surveyed 35 virtual asset operators and 26 crypto exchanges in the country and concluded that the industry’s market cap had soared to 28.4 trillion won ($21.1 billion), a 46% increase from the 2022 half-year term.
Local Market Grows in Tandem with the Global Cap
According to the FSC, as covered on October 9, the global crypto market cap also grew 53% to 154 trillion won, with Bitcoin registering an 81% uptick in price to $30,441 as of June, compared to the end of 2022.
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In addition to the remarkable growth, the FSC’s report noted that Korea-based virtual asset marketplace operators earned 227.3 billion won ($168 million) in profits during the first six months of the year, an 82% increase from 2022 half-year term earnings.
During the same period, crypto deposits surged 11% to 4 trillion won ($3 billion), with Bitcoin, Ethereum, Ripple, and Dogecoin being among the 622 traded cryptocurrencies.
But even as the report painted a rebounding picture following the 2022 crypto winter, which threw the global market cap tumbling to a two-year low, some trends revealed how the current market doldrums could impact regular users.
New Coins Listed as Daily Transaction Volume Drops
While crypto marketplace operators listed 169 new coins during the first half of the year, the average daily crypto transactions across 26 exchanges dropped by 1.3%, as the number of individual and corporate crypto traders also fell by 210,000 to 6.06 million during the same period.
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The FSC’s report comes as South Korea prepares to implement a crypto regime anchored in law in July 2024.
Read about South Korea’s Busan blockchain for public services:
South Korea’s Busan to Launch Blockchain for Public Services
Stay updated on how much South Korean taxpayers hold in crypto:
South Korean Taxpayers Declare $99B in Overseas Crypto Assets
