South Korean Won the Most-Used Currency for Crypto Trading During Q1 2024

As per a latest report, the South Korean won was the most-used currency for trading cryptocurrency during the first quarter of 2024.

It surpassed the US Dollar (USD) the last quarter as won recorded $456 billion in crypto trades in comparison to the dollar recording $445 billion.

We can attribute the success of the South Korean won in crypto trades to the improving macroeconomic environment and a fierce competition among Korean exchanges.

The crypto research firm Kaiko has recently published the report, shedding light on crypto activity in Q1 2024.

In South Korea, a crypto fee war among the exchanges during the recent bull run has provided a major boost to the crypto economy.

Upbit had the lion's share in the crypto market of the country, with a market share of 82% over the past three years.

Meanwhile, Bithumb has emerged as a major disrupter in the South Korean crypto market. In October 2023, it introduced a zero-fee policy and saw its market share triple in the next few months.

But the exchange's annual revenue dropped by 60% in 2023 which led to the company abandoning its zero-fee policy in February 2024.

During the recent general elections, the opposition Democratic Party scored 175 seats out of 300 in the national legislature.

The Democrats have promised to spur the crypto economy in the country.

In July 2023, the National Assembly of South Korea passed the Virtual Asset User Protection Act. Its primary goal is to first apply the Capital Market Act to virtual assets with a securities nature.

The legislation reportedly incorporates 19 crypto-related bills. It provides a unified bill that defines cryptocurrency. It also imposes fines for illicit trading activities like using undisclosed information, market manipulation and other unfair crypto trading practices.

Remember that South Korea was also the home to Do Kwon who orchestrated a global fraud worth $40 billion through his crypto venture, Terraform Labs.

Since then, the country has been under the spotlight for crypto activities as it strives to become a major global crypto hub.