According to the latest data compiled by the South Korean government, total fee and Commission income 30 cryptocurrency exchanges in the country increased in 87.5 times compared to the previous year. For it is largely responsible exchange Upbit supported by Kakao Corp.
Data released on Sunday, «was collected with the help of the government, and evaluated with regard to commissions and the price of bitcoin, proposed by each operator,» said
the publication Yonhap. The publication also says:
«According to data published by Park Kwang-on (Park Kwang-on), a representative of the ruling Democratic party, the total revenue from transaction fees 30 cryptocurrency exchanges reached 700 billion won [~ 658 million dollars] at the end of last year, compared with 8 billion won at the end of 2016».
Park added that, based on the same calculation method, the total income of the cryptocurrency exchanges in 2015 amounted to 3.2 billion won, Kyeonggi Daily notes.
Four major exchanges in South Korea — Upbit, Bithumb, Coinone and Korbit. According to Park, Upbit is now the largest cryptocurrency exchange in the country with a market share of 52.9%. Last year the exchange is supported by Kakao Corporation, earned 194.3 billion won in commissions per transaction.
«The study also noted that the number of transactions made with the virtual currency in the country has doubled since October of last year, when Upbit began work», — said Kyeonggi Daily.
During the same time period the share of Bithumb in the market was 32.7%, whereas Coinone — 8.3%, and Korbit — 6.2%. The expected income of the three exchanges is estimated at 317.7 billion won, billion won and 78.1 67 billion won, respectively. According to Coinmarketcap, Upbit is now the third largest cryptocurrency exchange in the world.
At the moment, South Korean regulators work
on the creation of the system of taxation of cryptocurrencies, including the activity of exchanges and cricotracheal.