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Net asset inflows to South Korean cryptocurrency exchanges fell by half from a year earlier, while net asset outflows to overseas exchanges nearly doubled, Chosun Biz reported. The shift is being analyzed as an effect of virtual asset taxation scheduled to begin in January next year.
According to an analysis of data from South Korea’s five largest crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — by Park Soo-young, a lawmaker on the National Assembly’s Strategy and Finance Committee from the People Power Party, net asset inflows to the five exchanges totaled 2.05 trillion won from January through August this year. That was down 56.8% from 4.74 trillion won in the same period last year.
Meanwhile, assets flowing out to overseas exchanges increased sharply. Based on Park’s analysis of data from Korbit and Gopax, net outflows to overseas exchanges reached 480.2 billion won from January through August this year, up significantly from 275.7 billion won a year earlier.