South Korea’s hardline stance on the crypto economy has not brought its industry to a halt.
In fact, it turns out that the country’s regulatory oversight and clear-cut rules have aided the industry to continue growing, worth some 55 trillion won or $45.9bn at the end of 2021.
This comes despite a reputation for being one of the toughest places to conduct any crypto business, with exchanges leaving in droves last year unable or unwilling to acquire a new license from the regulator.
The Financial Service Commission (FSC) has offered insight into the numbers, using data from the 24 licensed crypto exchanges in the country. Those businesses’ profits reached 3.37 trillion won or $2.8bn.
Meanwhile, nine crypto exchanges reported net losses. Crypto trading was dominated by won, the FSC reported, with Upbit, Bithumb, Coinone and Korbit registering some of the biggest volumes in the country.
Currently, exchanges in Korea have some 15.3 registered users, the Korea Herald claims in reporting, with 5.58 million of them participating in crypto trading. Nearly 3.1 million of those participating in trading own less than one million won or $850.
Meanwhile, the re-regulation of the crypto exchange sector wiped out many of the smaller exchanges, or those failing to seek a proper license.
The country is continuing to up the ante, with South Korea issuing new proposals in November that would look to recover illegally obtained funds.
In the meantime, you may continue to use your crypto freely by visiting places such as Bitcasino, 1xBit or FortuneJack.