Income of South Korean cryptocurrency exchanges from commissions increased 85 times over the year
In 2017, South Korean crypto exchanges made a whopping 700 billion won ($ 648 million) in commission fees, up from 8 billion won in 2016. Thus, over the year, the profit from this activity increased 85 times.
According to the Yonhap edition, this data was published on Sunday by the South Korean politician Park Kwanon, who was previously a journalist and spokesman for South Korean President Moon Jaein, and now is a representative of the ruling Democratic Party of South Korea..
Yonhap claims that the government helped in collecting the data. They are based on Bitcoin fees and value information published by South Korean cryptocurrency exchanges..
Kwanon’s report also states that Upbit is the country’s leading cryptocurrency exchange, accounting for more than half of South Korea’s cryptocurrency market at 52.9%..
The next lines in this ranking are occupied by Bithumb, Korbit and Coinone.
While Upbit’s fees are 194.3 billion won ($ 182 million), Bithumb’s fees are estimated at 317.7 billion won ($ 297 million). For Korbit and Coinone, this figure is 67 billion won (62 million dollars) and 78.1 billion won (73 million dollars), respectively..
In 2017, South Korea became one of the largest cryptocurrency markets – even though the country was banned from ICOs in late September. Rumors later arose that the South Korean government was also going to close cryptocurrency exchanges (following a similar measure in China), which were ultimately dispelled after violent public discontent when South Korean officials confirmed that there would be no abolishing ban on cryptocurrency trading. are going.
“We have no intention of prohibiting or suppressing cryptocurrency trading,” South Korean Finance Minister Kim Dong Young said in January..
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