Asia’s Crypto Markets Thriving: Upbit Emerges as Top Exchange

The cryptocurrency markets in Asia are experiencing a resurgence, with South Korean exchange Upbit making waves as one of the top five global exchanges. Recent reports indicate that the Korean Won has surpassed the USD as the most-used fiat currency for trading in and out of digital assets.

Upbit’s popularity and trading volume have skyrocketed, with the exchange accounting for 80% of all crypto trading in South Korea. This puts Upbit in direct competition with major players like Coinbase, while other global exchanges like Binance are losing market share in Asia.

Despite facing regulatory scrutiny in South Korea, Upbit continues to dominate the market. The introduction of new legislation aimed at protecting investors in the wake of the TerraUSD collapse may inadvertently strengthen Upbit’s position even further.

South Korea has shown a strong interest in cryptocurrency trading, with over 6 million Koreans participating in the market. The country’s political landscape is also being influenced by this trend, with candidates in recent elections promising to ease restrictions on investing in digital assets.

Altcoins, smaller tokens beyond Bitcoin and Ethereum, make up a significant portion of trading volume on Korean exchanges, highlighting the country’s unique approach to cryptocurrency investment. As one Korean investor put it, “The Korean stock market has stagnated, and companies don’t operate for shareholders’ benefit. I’m all in crypto now.”

Overall, the rise of Upbit and the continued interest in cryptocurrency trading in South Korea showcase the region’s growing influence in the global crypto market.