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70% of South Korea’s Total Cryptocurrency Trading Volume Is Concentrated on Centralized Exchanges

According to a report by blockchain analysis company Chainalysis, titled "2023 Global Virtual Asset Adoption Index/East Asia Report", which analyzes virtual asset trading in East Asia, it is reported that South Korea heavily relies on centralized exchanges, while Japan's virtual asset trading situation is different, with centralized exchanges and various types of DeFi protocols being almost evenly distributed.

The data shows that from July 2022 to June 2023, 68.9% of South Korea's virtual asset trading volume was conducted through centralized exchanges. In contrast, decentralized exchanges (DEX) accounted for 26.1% of trading volume, DeFi accounted for 4.0%, and other trading volume accounted for 1.1%, which is at a lower level. Chainalysis pointed out that compared to centralized exchange trading volume, South Korea's DeFi trading volume is much lower, with the main factor being South Korea's regulatory framework.

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