South Korea’s crypto market grows to over 55 trillion won ($45.9 billion) by the end of 2021, according to a new study from the Financial Service Commission.
South Korea is considered one of the most stringent crypto markets in terms of implementing regulatory policies. And there is regular news throughout 2021 for the new Travel Rule and Know Your Customer requirements. However, the Korean crypto market has grown to a whole new level.
The FSC analyzed transaction data from 24 licensed crypto exchanges and revealed that daily transactions on the Korean crypto exchange reached 11.3 trillion won ($9.4 billion), with a combined operating profit of 24. The business is 3.37 trillion won ($2.8 billion), and nine crypto exchanges have reported net losses in the past year.
FSC report atpublishAccording to The Korea Herald, there are a total of 15.3 million registered crypto exchange users, among which There are only 5.58 million active participants in 2021, and out of 5.58 million crypto users, nearly 3.1 million users hold crypto assets worth less than 1 million won ($850), while 15% hold. Assets worth more than 10 million won ($8,500)
By the last quarter of 2021, Korean regulators are proposing crypto taxation. It offers a 20% tax on crypto profits. However, due to the lack of clear regulations, the tax policy had to be delayed for another year.
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