Overview
- Trading across South Korea’s five major won-based exchanges fell 54.6% year over year to $366.58 billion in the first half of 2026, according to NexBlock.
- Upbit expanded its share of won-based volume to about 67.4% in July as overall activity declined and larger order books drew more trades.
- A semiconductor-driven KOSPI sell-off produced a sharp but short-lived surge in crypto trading and stablecoin demand, with CoinGecko reporting an 82% one-day jump to roughly $964 million before volumes eased.
- Finance Minister Koo Yun-cheol confirmed the government will begin taxing crypto gains on Jan. 1, 2027, with annual gains above 2.5 million won subject to a combined national and local rate near 22%.
- Smaller exchanges are exploring partnerships, institutional services, and restructuring to survive the squeeze, and the concentration of liquidity raises the chance that local retail behavior will more strongly shape token flows and price discovery.