The trading volume for Cryptoassets in South Korean exchanges, has surpassed stock trading in the KOSPI (Korea Composite Stock Price Index). Following the assets price surge on Sunday leading it to a value of $61000, it had leapt ahead of stock trading volumes.
Total South Korean crypto exchanges volume in the past 24 hours, including prominent exchanges Coinone, Korbit, Upbit, and Bithumb, reach a total of $14.6 billion. Meanwhile, the same 24-hour period for stock trading recorded $14.5 billion on the KOSPI. The overall trade volume increase came with the price increase of Bitcoin that set a new all-time high of $61,000, based on the CoinMarketCap.
Aside from the South Korean crypto exchanges successes in surpassing the stock market, many exchanges have announced development of their platforms in tandem of an influx in trade volume and subsequent interest. For example, Bithumb conveyed its intent to increase its AML (Anti-money laundering) and KYC (Know your customer) measures.
As a result, traders and customers should be certain that their assets are safe from fraudulent manipulation in the crypto community. This is a great step forward for the crypto trading community.
Improvements to AML and KYC protocol are intended to reduce the impact of bad actors on their respective platforms and the crypto space at large with improvements to trust and transparency should be a good step forward for the flourishing crypto industry.
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