South Korea’s Won Surpasses US Dollar in Global Crypto Trading Amid Surge in Speculative Demand

South Korea’s won has surpassed the U.S. dollar as the top currency for global virtual currency trading, driven by a surge in speculative interest in cryptocurrencies. In the first quarter of this year, the won was traded more than the dollar on virtual currency exchanges, amounting to $456 billion. This shift is attributed to fee competitions among Korean exchanges, prompting zero-fee promotions. South Korea stands out for its preference for smaller, riskier cryptocurrencies over established ones like Bitcoin and Ethereum. Recently, investors in South Korea have shown interest in high-risk cryptocurrency ETFs, reflecting the country’s enthusiastic demand for cryptocurrencies. Political discussions in South Korea have focused on deferring cryptocurrency taxation and easing restrictions on investing in U.S. Bitcoin spot ETFs. However, amid this enthusiasm, financial authorities are gearing up to implement stricter user protection laws following the Terra-Luna scandal. The new legislation aims to prevent unfair trade practices in the virtual asset market and imposes severe penalties for violations.

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