[70% of South Korean cryptocurrency trading volume is concentrated in centralized exchanges] According to the "2023 Global Virtual Asset Adoption Index/East Asia Report" released by Chainalysis, the South Korean cryptocurrency market relies heavily on centralized exchanges from July 2022 to 2023 In June, 68.9% of South Korea’s virtual asset trading volume was conducted through centralized exchanges. In comparison, the trading volume of decentralized exchanges (DEX) was 26.1%, DeFi’s trading volume was 4.0%, and other trading volumes were 1.1%, all at low levels.
The report analyzed that unlike Japan, where virtual asset trading centralized exchanges and various DeFi protocols are evenly distributed, the main reason for the low DeFi trading volume in South Korea lies in its regulatory framework.
The report analyzed that unlike Japan, where virtual asset trading centralized exchanges and various DeFi protocols are evenly distributed, the main reason for the low DeFi trading volume in South Korea lies in its regulatory framework.