South Korean Won Surpasses Dollar in Crypto Trading Preference?

Recent Bloomberg report highlights the South Korean won's ascension as the preferred currency for cryptocurrency traders, surpassing the U.S. dollar in trading volume during the first quarter of 2024. The surge in altcoin popularity within South Korea is a major contributing factor to this trend, with smaller tokens dominating the trading volume.

The growing popularity of cryptocurrency trading in South Korea has led to intensified competition among local exchanges. Bithumb and smaller exchanges are challenging the dominance of Upbit, the current leader in the South Korean crypto market.

Crypto Politics: South Korean Parties Vie for Support Ahead of Parliamentary Election

With South Korea being a significant cryptocurrency hub, political figures are actively targeting crypto-friendly voters ahead of the upcoming parliamentary election. Competing parties are offering various incentives, such as tax delays and access to Bitcoin exchange-traded funds from the U.S., to attract voters supportive of digital assets.

Cryptocurrency trading volumes in South Korea have outpaced the entire South Korean stock market in March, highlighting the immense popularity of digital assets in the country.

South Korea Tightens Crypto Listing Rules: Crackdown on Dubious Tokens

South Korean regulators are implementing stricter listing rules to curb the influx of dubious tokens into the market. Authorities plan to prohibit the listing of previously compromised tokens, and foreign token issuers must provide a white paper specifically tailored for the Korean market to appear on local exchanges. Violators of these rules may face hefty fines or legal consequences.

The preference for the South Korean won over the U.S. dollar in cryptocurrency trading underscores the country's prominent position in the global crypto landscape. With intensified competition among exchanges and political efforts to court crypto-friendly voters, South Korea remains a key market for digital assets. However, regulatory measures are being enforced to ensure the integrity of the market and protect investors from dubious tokens and hacking incidents.