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South Korean crypto holdings drop by half amid regulatory changes

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South Korea's crypto market holdings fell by more than half in a year, dropping from 121.8 trillion KRW in January 2025 to 60.6 trillion KRW by February 2026. Daily trading volumes on major exchanges such as Upbit and Bithumb declined from $11.6 billion in December 2024 to $3 billion in February 2026. Regulators will begin flagging overseas transactions exceeding 10 million KRW as suspicious starting in August. A 22% tax on crypto gains will take effect on January 1, 2027. Investors are now turning to altcoins in search of potential growth amid tightening regulations.

Odaily Planet Daily report: The value of cryptocurrencies held by South Korean investors has more than halved over the past year, dropping from KRW 121.8 trillion at the end of January 2025 to KRW 60.6 trillion at the end of February 2026, approximately $41.4 billion.

The daily trading volume of the five major exchanges—Upbit, Bithumb, Korbit, Coinone, and Gopax—declined from $11.6 billion in December 2024 to $3 billion in February 2026. Korean won deposits on these exchanges fell from KRW 10.7 trillion to KRW 7.8 trillion.

Stablecoin holdings decreased from 597 million in December 2024 to 41 million in February 2026.

South Korea’s regulatory authorities plan to implement revised anti-money laundering rules in August, requiring cryptocurrency transactions involving overseas exchanges or private wallets exceeding 10 million KRW to be automatically flagged as suspicious. Additionally, a 22% tax on cryptocurrency gains will take effect on January 1, 2027.

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