The popularity of Bitcoin and many other cryptocurrencies made a lot of companies more profitable and a lot of individuals wealthy. However, the balance has not been the same for everyone – which is still typical for this kind of market.
According to the data released by a politician from South Korea’s Democratic Party, the sales made from commissions among 30 cryptocurrency operators was close to $648 million in 2017, according to the Yohnap stats. The figure is up from the 8 billion recorded in 2016.
This data was officially released on Sunday by a journalist who became a politician, Park Kwang-on. He compiled the data based on the sales of commissions and bitcoin trading prices released by different exchange operators.
According to the report, Upbit is the country’s leading cryptocurrency exchange operator that occupies more than half of South Korea’s crypto trading market with a stake of 52.9%. Following on the list are Bithumb, Korbit and Coinone making for the three largest crypto exchanges after the leading Upbit.
In numbers, Upbit has won around $182 million in commission sales in 2017, while Korbit and Coinone reached $62 million and $73 million respectively. Currently, South Korea is one of the world’s largest markets for cryptocurrencies (even despite their ICO ban the happened in 2017).
The most important thing is that the Finance Minister of South Korea Kim Dong-yeon supports this situation, stating that “There is no intention to ban or suppress cryptocurrency (market)”.
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