South Korea’s currency exchange offices in South Korea received a huge profit from commission fees in 2017 – 700 billion won ($ 648 million), while in 2016 this amount was 8 billion won. Thus, for the year this figure has grown 85 times. This is reported by the publication Yonhap referring to the representative of the ruling Democratic Party of South Korea Pak Kwanan.
The announced data is based on information on commission fees and the cost of bitcoin, published by the South Korean stock exchange crypto-currency.
Also in the report Kwanan reported that the leading crypto exchange in the country is Upbit, which accounts for more than half of the South Korean crypto-currency market – 52.9%. The next lines in this ranking are occupied by Bithumb, Korbit and Coinone.
“Upbit’s commission fees are 194.3 billion won ($ 182 million), from the Bithumb exchange they are estimated at 317.7 billion won ($ 297 million). At the Korbit and Coinone sites, this figure is 67 billion won ($ 62 million) and 78.1 billion won ($ 73 million), respectively, “the study said.
Recall, in late January, South Korean finance minister Kim Dawn Yong said that the country’s authorities do not intend to prohibit or exert any pressure on the digital currency market, in particular, on crypto-exchanges.