South Korean Digital Currency Exchanges’ Commission Sales Hikes In 2017

South Korean digital currency trade operators have reportedly made huge gains in commission-related sales in 2017, more than 85 times that of the earlier year.

As indicated by information discharges on Sunday by a politician from South Korea’s ruling Democratic Party, the accumulated sales from commissions among 30 digital currency exchange operators is said to have achieved 700 billion won ($648 million) in 2017, Yonhap reports. That figure is up from an estimated 8 billion won in 2016.

The information was discharged on Sunday by Rep. Stop Kwang-on, a journalist= turned-politician who beforehand served as the spokesperson for South Korea’s president Moon Jae-in. The government reportedly aided in compiling the information which depended on the sales of commissions and bitcoin trading prices discharged by different exchange operators.

The report additionally uncovers Upbit as the nation’s leading digital currency exchange operator occupying over half of South Korea’s digital currency exchanging market at 52.9%. Bithumb, Korbit, and Coinone individually make for the three biggest digital currency exchanges after Upbit.

While Upbit is said to have amassed 194.3 billion won ($182 million) in commission sales, the assessed sales by Bithumb, specifically, is accepted to have achieved 317.7 billion won ($297 million). Korbit and Coinone came to 67 billion won ($62 million) and 78.1 billion won ($73 million) individually.

South Korea has developed among the world’s biggest markets for digital currencies in 2017 regardless of a ban on ICOs close to the end of September. Bits of gossip about after China’s lead in shuttering digital currency trades after the turn of the year were put to bed after the South Korean government – after a noteworthy public backlash – affirmed there was no intention to issue a general restriction on digital currency exchanging.

“There is no intention to ban or suppress cryptocurrency (market),” South Korea’s Finance Minister Kim Dong-yeon said in late January.