[REPORTERSNOTEBOOK] Korea's crypto exchanges need room to become financial platforms

Korea’s crypto exchanges are struggling to grow beyond spot trading as global platforms diversify into derivatives, staking and other businesses. The article says the gap is widening while five Korean exchanges cut fees in a price war. It argues that regulatory clarity, including on the Digital Asset Basic Act, is the missing piece for domestic platforms to expand into new services.

Upbit recorded $7.57 billion in daily trading volume in January 2018, making it the world’s largest cryptocurrency exchange by volume at the time.

On Thursday, Binance recorded more than $10 billion in trading volume, while Upbit had about $1 billion and Bithumb had $436.2 million, according to CoinGecko.

The proposed Digital Asset Basic Act had been expected to pass by the end of last year, but lawmakers and regulators remain divided over stablecoin issuer eligibility and a proposed 20 percent ownership cap for major shareholders of cryptocurrency exchanges.

This year, financial institutions have committed more than 2 trillion won to acquire stakes in domestic crypto exchanges.

Korean exchanges already have trading and custody systems, large user bases and platforms capable of handling significant transaction volumes.

Published Sep 17, 2026 2:37 pm KST

Updated Sep 17, 2026 2:39 pm KST

Bitcoin price is displayed at Upbit lounge in Seoul, Feburary 2024. Newsis

In January 2018, Upbit recorded $7.57 billion in daily trading volume, making it the world's largest cryptocurrency exchange by volume. Binance ranked second, while Bithumb, another Korean exchange, came in third.

Eight years later, the landscape looks very different. On Thursday, Binance recorded more than $10 billion in trading volume, compared with about $1 billion for Upbit and $436.2 million for Bithumb, according to CoinGecko.

The crypto downturn has weighed on exchanges globally. But major overseas platforms have diversified into derivatives, staking and other businesses, giving them more ways to weather a prolonged industry slump. By contrast, Korean exchanges remain largely confined to spot trading under the current regulatory framework, leaving them more exposed when trading volumes fall. In response, five crypto exchanges are offering zero trading fees, intensifying a price war for market share.

The imbalance is becoming harder to ignore as the global digital asset market broadens beyond spot trading. Institutional capital is entering through Bitcoin and Ethereum spot exchange-traded funds, derivatives and tokenized real-world assets, while stablecoins are gaining traction in payments and remittances.

Korea has shown that it can compete globally in crypto. Yet the regulatory framework has failed to keep pace with the market's evolution, leaving domestic companies with limited room to expand into new businesses.

The proposed Digital Asset Basic Act, which is intended to provide a comprehensive regulatory framework for the sector, had been expected to pass by the end of last year. Lawmakers and regulators, however, remain divided over issues including eligibility requirements for stablecoin issuers and a proposed 20 percent ownership cap on major shareholders of cryptocurrency exchanges.

Under Korea's positive-list regulatory approach, exchanges have limited scope to launch new services until regulators explicitly define what is permitted. In a fast-moving market, that can put domestic players at a structural disadvantage.

Korean exchanges already possess much of the infrastructure required for a broader digital asset market, including trading and custody systems, large user bases and platforms capable of handling significant transaction volumes. Working with traditional financial institutions, they could potentially expand into areas such as asset management and other digital-asset services.

The financial sector is already positioning itself for that shift. Banks, securities firms and other financial companies are moving to acquire stakes in crypto exchanges, seeking an early foothold in what they see as a key part of the infrastructure of future finance. This year alone, financial institutions have committed more than 2 trillion won to acquire stakes in domestic crypto exchanges.

For Korea's crypto industry, the missing piece is no longer market demand, but regulatory clarity.

随着全球平台纷纷拓展衍生品、质押等业务，韩国加密货币交易所难以摆脱现货交易的困境。文章指出，在五家韩国交易所竞相降费以引发价格战之际，这种差距正在不断扩大。文章认为，监管政策的清晰度，尤其是《数字资产基本法》的清晰度，是韩国本土平台拓展新服务的关键所在。

2018 年 1 月，Upbit 的日交易量达到 75.7 亿美元，成为当时全球交易量最大的加密货币交易所。

据 CoinGecko 数据显示，周四币安的交易量超过 100 亿美元，Upbit 的交易量约为 10 亿美元，Bithumb 的交易量为 4.362 亿美元。

拟议的《数字资产基本法案》原本预计在去年年底获得通过，但立法者和监管机构在稳定币发行人的资格以及对加密货币交易所主要股东20%的持股上限的提议上仍然存在分歧。

今年，金融机构已投入超过2万亿韩元用于收购国内加密货币交易所的股份。

韩国交易所已经拥有交易和托管系统、庞大的用户群体以及能够处理大量交易的平台。

发布于2026年9月17日下午2:37（韩国标准时间）

更新于2026年9月17日下午2:39（韩国标准时间）

2024年2月，首尔Upbit休息室展示比特币价格。Newsis

2018年1月，Upbit的日交易量达到75.7亿美元，成为全球交易量最大的加密货币交易所。币安位居第二，另一家韩国交易所Bithumb排名第三。

八年后，行业格局已截然不同。据 CoinGecko 数据显示，周四币安的交易量超过 100 亿美元，而 Upbit 的交易量约为 10 亿美元，Bithumb 的交易量约为 4.362 亿美元。

加密货币市场的低迷给全球交易所带来了压力。但海外主要平台已实现业务多元化，涉足衍生品、质押和其他领域，从而拥有更多应对行业长期低迷的途径。相比之下，韩国交易所目前仍主要局限于现货交易，在交易量下降时更容易受到冲击。为此，五家加密货币交易所推出了零交易费政策，加剧了争夺市场份额的价格战。

随着全球数字资产市场从现货交易扩展到其他领域，这种不平衡现象越来越难以忽视。机构资本正通过比特币和以太坊现货交易所交易基金、衍生品和代币化实物资产进入市场，而稳定币在支付和汇款领域也越来越受欢迎。

韩国已证明其具备在全球加密货币领域竞争的实力。然而，其监管框架未能跟上市场发展的步伐，导致国内企业拓展新业务的空间有限。

旨在为数字资产行业提供全面监管框架的《数字资产基础法案》原计划于去年年底获得通过。然而，立法者和监管机构在一些问题上仍存在分歧，例如稳定币发行者的资格要求以及对加密货币交易所主要股东持股比例设定20%的上限。

在韩国的正面清单监管模式下，交易所推出新服务的空间有限，直到监管机构明确界定哪些服务是允许的。在瞬息万变的市场中，这可能会使国内企业处于结构性劣势。

韩国交易所已具备构建更广泛的数字资产市场所需的大部分基础设施，包括交易和托管系统、庞大的用户群体以及能够处理大量交易的平台。通过与传统金融机构合作，它们有望拓展至资产管理和其他数字资产服务等领域。

金融业已开始为这一转变做好准备。银行、证券公司和其他金融企业正纷纷收购加密货币交易所的股份，力图在他们眼中未来金融基础设施的关键组成部分抢占先机。仅今年一年，金融机构就已投入超过2万亿韩元用于收购韩国国内加密货币交易所的股份。

对于韩国的加密货币行业来说，缺失的不再是市场需求，而是监管的清晰度。