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<p>In the first quarter of this year, South Korea witnessed a significant surge in cryptocurrency trading volume, with transactions worth $456 billion conducted in South Korean won on centralized crypto exchanges, according to <a href="https://research.kaiko.com/insights/crypto-fee-war-heats-up-in-south-korea" rel="noopener noreferrer nofollow">data</a> from Kaiko. This surge has propelled the South Korean won to the forefront as the most-used currency for crypto trading, surpassing the U.S. dollar during the same period.</p><h2 id="header-0">Crypto over stock market</h2><p>The country, amidst this soaring demand for cryptocurrencies, is preparing to implement regulations aimed at safeguarding investors. South Korea&#39;s cryptocurrency market, renowned for its activity, briefly <a href="https://coinnesslive.page.link/39KjnaGU28Q8MeAS9" rel="noopener noreferrer nofollow">outpaced</a> the country&#39;s stock market during the recent crypto bull run in March.</p><p>The local market is predominantly dominated by five fully licensed exchanges, with Upbit leading the pack, accounting for over 80% of the market share on most days, as highlighted by Kaiko. Other major global exchanges like Crypto.com and Binance are also eyeing entry into the South Korean market, with <a href="https://coinnesslive.page.link/QuK4kH8ad3VMnWmU8" rel="noopener noreferrer nofollow">Crypto.com</a> launching its retail trading platform in the country on April 29 and <a href="https://coinnesslive.page.link/RVjsmimPPfW7XVHTA" rel="noopener noreferrer nofollow">Binance</a> acquiring a significant stake in Gopax in 2023.</p><h2 id="header-1">Growing regulatory framework</h2><p>Despite regulatory efforts to fortify investor protection, including the enactment of the <a href="https://coinnesslive.page.link/UheopWBLeimTpoTF6" rel="noopener noreferrer nofollow">Virtual Asset User Protection Act</a> in July 2023, South Korea continues to work on further regulatory frameworks. The <a href="https://coinnesslive.page.link/gVoSsvyR9Be6fXHe9" rel="noopener noreferrer nofollow">legislation</a> aims to curb illicit activities in the crypto market and mandates safeguards for user funds, including storing over 80% of deposits in cold storage and enrollment in insurance programs to mitigate potential security breaches. Additionally, efforts are underway to standardize crypto token issuance and enhance information disclosure for investors through the development of a second part of the User Protection Act.</p>

Korean won overtakes U.S. dollar in Q1 crypto trading dominance

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