South Korea crypto volume falls 54.6%

• South Korea’s five major won-based crypto exchanges recorded US$366.58 billion in first-half volume, down 54.6% year-on-year.
• Upbit increased its July market share to 67.4%, while Bithumb’s share fell to 27.1%.
• South Korea plans to introduce a 22% tax on qualifying crypto gains from 1 January 2027.

South Korea’s five major crypto exchanges recorded US$366.58 billion in first-half 2026 trading volume, a 54.6% year-on-year decline, according to NexBlock.

Trading remained weaker in July, with Upbit, Bithumb, Coinone, Korbit and Gopax recording ₩17.34 trillion through 27 July, down 16.9%.

Upbit processed ₩11.69 trillion during the July period, lifting its market share from 62.3% to 67.4% despite a 10% volume decline.

Bithumb recorded ₩4.71 trillion, while its market share fell from 30.7% to 27.1%, widening the gap with Upbit to 40.3 percentage points.

NexBlock attributed the market shift to liquidity concentrating on larger exchanges, while smaller platforms explore institutional services, securities partnerships and restructuring.

South Korea plans to tax annual crypto gains above ₩2.5 million at a combined 22% rate from 1 January 2027.