Korean Crypto Exchanges Struggle to Expand Amid Regulatory Hurdles

Korean cryptocurrency exchanges are struggling to expand beyond spot trading due to regulatory clarity issues. In contrast, global platforms have diversified into derivatives and other businesses.

Binance recorded over $10 billion in daily trading volume on Thursday, while Upbit had about $1 billion and Bithumb $436.2 million, according to CoinGecko.

The proposed Digital Asset Basic Act has been delayed due to disagreements over stablecoin issuer eligibility and a 20 percent ownership cap for major shareholders of cryptocurrency exchanges.