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South Korean Crypto Exchanges Paid $87M in Fiat Deposit Interest Over Past Year
South Korean Crypto Exchanges Paid $87M in Fiat Deposit Interest Over Past Year
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BTCCSquare news:
South Korea's five licensed crypto exchanges distributed 120.26 billion won ($87 million) in fiat deposit interest payments during the first year of the VIRTUAL Asset User Protection Act's implementation. The legislation transformed what was previously a 0.1% nominal yield into a competitive battleground, with platforms like Bithumb briefly offering 4% APY before retracting the promotion within hours.
Upbit, Bithumb, Coinone, Korbit and GOPAX collectively drove the surge in interest payouts since July 2023. Trading volumes on major platforms show sustained activity, with Upbit maintaining dominant market share while GOPAX recorded fluctuating but substantial liquidity throughout the measurement period.
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