Korean Crypto Market Sees Rapid Institutionalization with 6,590 Corporate Accounts

Korean cryptocurrency market institutionalization accelerates as five major exchanges have a total of 6,590 corporate accounts registered with the Financial Supervisory Service (FSS) as of July 31st. According to a report by Yonhap News Agency, Bithumb has the most registered corporate accounts at 3,280, followed closely by Upbit's parent company Dunamu at 2,086. The combined total of corporate accounts for both exchanges is 5,366, accounting for 81.4% of the total.

Of the five major exchanges, Korbit has 620 registered corporate accounts, Coinone has 539, and Gopax has 65. In terms of Know Your Customer (KYC) compliance, a total of 711 corporate accounts have completed KYC procedures, accounting for 10.8% of all corporate accounts. Upbit has the most compliant accounts at 290, followed by Bithumb with 199.

The total value of virtual assets held in Korean corporate accounts is approximately 433.77 billion KRW (approximately $31.2 million USD). Upbit holds the largest share of this amount at 270.8 billion KRW, accounting for 62.4% of the total, followed by Bithumb with 62.9 billion KRW and Coinone with 51.5 billion KRW.