In 2017, South Korean crypto-exchanges received a huge profit from commission fees – 700 billion won (648 million dollars), whereas in 2016 this amount was 8 billion won. Thus, for a year the profit from this activity has grown 87,5 times.
According to Yonhap, this data was published on Sunday by South Korean politician Park Kwang-on who was previously a journalist and representative of South Korean President Mun Jain, and now is a representative of the ruling Democratic Party of South Korea.
Yonhap claims that the government helped in collecting data. They are based on information on commission fees and the cost of bitcoin, published by the South Korean cryptocurrency exchange.
Kwang-on’s report also reports that the leading currency exchange in the country is Upbit – it accounts for more than half of the South Korean cryptocurrency market – 52.9%.
The next lines in this ranking are occupied by Bithumb, Korbit and Coinone.
In 2017, South Korea became one of the largest cryptocurrency markets – even though in late September, a ban on ICO was imposed in the country. Later, rumors arose that the government of South Korea was also going to close the cryptocurrency exchanges (after a similar measure in China), which, after a stormy public discontent, were dispelled when South Korean officials confirmed that no abolition ban on trading with cryptocurrencies was to be introduced are collected.