South Korea’s cryptocurrency market was worth 23 trillion won ($16.1 billion) in the first half of 2022, down 58 percent from the six-month period at the end of last year, according to the Korea Financial Intelligence Unit (KoFIU).
In addition, daily trading volumes fell by 53% to an average of 5.3 trillion won (about $3.7 billion). The total operating profit of virtual asset service providers in South Korea fell by 62%, from 1.64 trillion (about 1.1 billion U.S. dollars) to 0.63 trillion won (about 441 million U.S. dollars).