In South Korea, the capitalization of the cryptocurrency industry decreased by 58% in six months

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According to the financial intelligence of South Korea, the capitalization of the cryptocurrency industry in the country amounted to $16.1 billion in the first half of 2022, which is 58% less than at the end of last year.

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The South Korean Financial Intelligence Unit (KoFIU) report notes that the decline in performance was recorded in almost every area of ​​the cryptocurrency industry. Thus, the total volume of trading in digital assets decreased by 53%. Now users from South Korea, on average, make transactions with cryptocurrencies for $3.7 billion per day.

In addition, the profit of cryptocurrency companies for the first half of the year decreased by 62%. If last year the figure reached $1.1 billion, now it is $441 million. Among the reasons for this decline, KoFIU names the military operation in Ukraine, an increase in base rates, a drop in liquidity and a significant decrease in confidence in cryptocurrency projects after the collapse of the Terra ecosystem.

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At the same time, the number of verified users from South Korea registered on cryptocurrency platforms continues to grow. In six months, the number of verified users increased by 24% and now stands at 6.9 million. At the same time, 73% of the specified number own cryptocurrencies worth less than 1 million won ($700).

Earlier, the regulator of South Korea said that the regulation of the crypto-currency sphere in the country would be adopted only after similar steps were taken by the United States and the European Union.

Source: Bits

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