The Korea Financial Intelligence Unit (KoFIU) under the South Korea Financial Services Commission published the results of its second-half 2024 survey of 25 registered virtual asset service providers (VASPs), providing an updated snapshot of domestic market activity and related statistics. Covering 17 exchange service providers and eight custody and wallet service providers, the survey (July 1 to December 31, 2024) found broad expansion versus the first half of 2024, with average daily trading volume up KRW 1.3 trillion (22%), total operating profits up KRW 160.2 billion (28%), and trade-eligible users up 1.92 million (25%). Market capitalization rose by KRW 51.2 trillion (91%) and total deposits by KRW 5.7 trillion (114%). By contrast, the coin-only exchange segment recorded declines in average daily trading volume (down KRW 660 million, 81%), market capitalization (down KRW 27.6 billion, 19%) and operating profits (down KRW 1.1 billion, 8%), which KoFIU linked to concentration in KRW-based exchange providers and the termination of some coin-only operators. External virtual asset transfers to registered entities under the travel rule increased 4%, while transfers to whitelisted overseas entities and personal digital wallets rose 38%. The combined size of virtual assets in custody, wallet and staking services fell by KRW 12.3 trillion (89%) and users declined by 196,000 (99%), attributed to further exits by service providers and a drop in the base price used by certain custody providers.

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