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The South Korean won accounted for about 25% of global fiat-based cryptocurrency trading volume, ranking third behind the U.S. dollar and the euro, according to a recent report by Kaiko. Based on Kaiko Research data, KRW had previously ranked first in global fiat-to-crypto trading volume in the first quarter of 2024, ahead of the U.S. dollar, but has now slipped to third behind the euro.
The report said the U.S. dollar held the largest share at about 49%, while the euro accounted for about 28%. It added that South Korea’s crypto market is dominated by fiat-based trading and that Upbit, the country’s largest exchange, showed strong liquidity, with slippage of around 0.005% to 0.02% for a 10 million won ($7,400) market buy order.
Kaiko added that favorable trading conditions in South Korea and several other countries and regions continue to support demand, while changes in South Korea’s crypto regulations and macroeconomic conditions could become key variables going forward.