South Korea's crypto craze fizzles out; user numbers on the rise | Crypto

South Korea’s crypto craze fizzles out; user numbers on the rise

-The crypto market in South Korea was worth 23 trillion won in the first half of 2022, down 58% from 55.2 trillion won in the six-month period at the end of last year.

-The total operating profit of virtual asset service providers in South Korea was down 62%, falling from 1.64 trillion won to 0.63 trillion won.

-The KoFIU cites the war in Ukraine, rising interest rates, drop in liquidity and a lack of trust in crypto following the Terra-LUNA crisis as factors that influenced the general decline in the local crypto market.

-The number of know-your-customer (KYC) registered users saw a 24% increase, growing from 5.58 million to 6.9 million in Koreas total population of 51.78 million.

-About 73% of the 6.9 million registered users own crypto worth one million Korean won or less.

south korea flag close up low angled perspective 2022 04 13 15 52 29 utc 1 South Korea's crypto craze fizzles out; user numbers on the rise

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