South Korean Won Beats US Dollar as the Most-Traded Currency for Crypto in Q1

The South Korean won is now the most used currency for trading cryptocurrencies. The won surpassed the U.S dollar for the position during the first quarter (Q1) of 2024, data from research firm Kaiko shows.

While the U.S. dollar reported $445 billion in cumulative trade volume on crypto exchanges in Q1 2024, the won reported $456 billion.

South Korea hosts one of the world’s most active cryptocurrency markets, being home to five fully licensed exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax.

Major global exchanges Crypto.com and Binance are also planning entries into the South Korean market.

Earlier this month, Crypto.com announced that it is launching its retail trading platform in the country on April 29. Binance, on the other hand, had already acquired a major stake in Gopax in 2023.

The South Korean government is working to set up a regulatory framework for local investors. In July 2023, South Korea enacted the Virtual Asset User Protection Act, its first law focused on crypto, which is expected to go into effect this July.

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