South Korea’s five leading cryptocurrency exchanges handled 20.5 trillion won—roughly USD 15.1 billion—in trading volume from September 25 to October 2. Market activity dropped 19.56% compared to the prior week, coinciding with regulators launching consultations on tokenized securities regulations ahead of a planned February 2027 launch.
South Korea crypto trading loses five trillion won
Digital Asset reported that total trading volume shrank by approximately five trillion won, or about USD 3.7 billion. The figures encompassed Upbit, Bithumb, Coinone, Digital X, and Gopax for the timeframe ending at 2 p.m. Korea Standard Time on October 2.
Upbit kept its top position with 64.04% of the market, though its share slipped by 3.3 percentage points. Bithumb stayed in second place with 26.66%, increasing its share by 1.893 percentage points. Combined, these two platforms drove over 90% of the volume among the five exchanges.
Coinone grew its market share by 1.12 percentage points to 6.58%. Digital X captured 2.71%, and Gopax held 0.02%. Every exchange maintained its ranking from the previous week despite the shifts in market share.
Digital X was formerly known as Korbit. The platform rebranded on September 16 following its integration into Mirae Asset Group. Client assets, trading histories, and account details were successfully transferred during the transition.
Official survey records weaker exchange activity
In a separate development, the Korea Financial Intelligence Unit and the Financial Supervisory Service released findings on October 1 detailing widespread market contractions. Their evaluation assessed 26 registered entities—comprising 17 exchanges and nine wallet or custody providers—across the first half of 2026.
Average daily trading volume on exchanges contracted by 44% relative to the prior six-month period. Local crypto market capitalization decreased 33% (28.3 trillion won), and South Korean won deposits fell 35% (2.9 trillion won).
While trade-eligible accounts grew by 0.4%, exchange revenues dropped 41% and operating profits plunged 78%. Headcounts at these platforms totaled 2,021 workers, reflecting a decrease of 10 employees from the last survey, while anti-money laundering personnel rose by one to reach 213.
The review identified 673 unique crypto assets, representing a 5% decrease since late 2025. Among 234 tokens traded on only a single platform, 93 possessed market caps of 100 million won or less. Officials cautioned investors regarding the minimal liquidity and high volatility associated with those assets.
Tokenized securities proposal sets capital and trading limits
Simultaneously, the Financial Services Commission introduced draft regulations governing the issuance and distribution of equities, debt instruments, investment funds, and select fractional investment assets in tokenized form. Firms issuing tokens while simultaneously overseeing customer securities accounts must maintain a minimum of four billion won in equity capital.
The framework mandates employing at least one account management expert, one compliance control specialist, and two IT professionals. It additionally mandates distributed ownership ledgers distributed across a minimum of two account management organizations alongside the Korea Securities Depository. Individual retail buyers would be restricted to an annual net acquisition threshold of 100 million won per over-the-counter marketplace.
Per the September roadmap, phase one encompasses institutional money market funds, debt securities, trust-held unlisted equities, and publicly issued fractional products. Subsequent stages will incorporate broader public securities and explore stablecoin-based transactions. Officials intend to modify implementation schedules depending on early outcomes, technological readiness, and upcoming stablecoin legislation.
The public feedback period commenced on October 2 and concludes on November 11. Following this consultation, the measures require further clearances prior to their official rollout on February 4, 2027.
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