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Crypto assets in South Korea grow to USD46bn

South Korea's crypto assets market has grown to KRW55.2tr (USD45.9bn) as of end-2021, with the number of users reaching nearly 5.58 million, according to a recent study by the Financial Service Commission. The nation’s top financial regulator found that daily transactions through the 24 exchanges reached KRW11.3tr on average, while their operating profits exceeded KRW3.4tr combined. Of the total operating profit posted by the 24 crypto operators for the first nine months of 2021, 99.3% came from won-denominated currency operators, while 0.7% came from coin exchanges. But the FSC said that among the 24, nine coin exchanges posted an operating loss in the cited period. The average crypto transaction rate came to 0.17%, noticeably high compared with the average stock transaction rate at the Korea Exchange, which stands at 0.0027%.

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