Data reveals that on March 14, the entire purchase volume of crypto assets in South Korea surged past $14.5 B. This indicator is higher than the daily average purchase sum of the country’s stock exchange on that day.
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The crypto market cap hit $1.8 trillion on Sunday after BTC set a new all-time high of $60,000. Presently, companies and individuals worldwide are considering cryptocurrencies as a diversification tool for investment portfolios.
In particular, trading crypto is widely spread in South Korea.
Data from the country’s Financial Investment Association and the Financial Services Commission showed that more than $392 B worth of cryptocurrencies was already traded on local trading platforms like UPbit and Bithumb in the first two months of 2021. Last year's entire trading volume stood at $314 B.In March 2020, the National Assembly of South Korea approved a Special Financial Information Law to provide a clear regulatory framework for digital exchanges operating in the country. The suggested law is supposed to operate next year.