Virtual Asset Survey: User Base Up, Trading Volume Down

FSC Korea News

Published March 25th, 2026

Detected March 26th, 2026

Summary

The Korea Financial Intelligence Unit (KoFIU) and Financial Supervisory Service (FSS) released survey results for the second half of 2025 on virtual asset service providers. The survey found an increase in users and KRW deposits but a decrease in trading volume, profits, and market capitalization.

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What changed

The Korea Financial Intelligence Unit (KoFIU) and Financial Supervisory Service (FSS) have published the results of their H2 2025 survey concerning virtual asset service providers (VASPs) in South Korea. The survey, which covered 27 registered VASPs, indicates a mixed market performance. While the number of eligible trading users increased by 3% and KRW deposits rose by 31%, average daily trading volume fell by 15%, total operating profits decreased by 38%, and market capitalization declined by 8% compared to the previous period.

This notice serves as an informational update on market trends. Regulated entities, particularly those involved in virtual asset services, should note the reported shifts in trading volume and profitability. No immediate compliance actions are mandated by this survey release, but it provides valuable data for understanding the current landscape of the virtual asset market in Korea. The full details are available in the attached PDF.

Source document (simplified)

Press Releases

KoFIU Unveils H2 2025 Survey Result on Virtual Asset Service Providers Mar 25, 2026
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The Korea Financial Intelligence Unit (KoFIU) and the Financial Supervisory Service (FSS) conducted a survey on 27 registered virtual asset service providers (VASPs) to assess the current state of the domestic virtual asset market and keep relevant statistics up to date.

Survey Overview

(Respondents) 27 VASPs (18 exchange service providers and 9 custody and wallet service providers)

(Survey Method) Data collected from VASPs

(Period Covered) July 1, 2025 to December 31, 2025

Key Survey Findings for H2 2025

In the second half of 2025, the prices of major virtual assets declined. Compared with the previous six-month period, the number of users eligible to trade (up 360,000 or 3%) and the total amount of deposits in KRW (up 1.9 million or 31%) increased , but average daily trading volume (down 1.0 trillion or 15%), total operating profits (down 237.1 billion or 38%), and market capitalization (down 7.9 trillion or 8%) all declined.

As the KRW-based exchange services continuing to dominate the market, the coin-only exchange service providers saw a drop in market capitalization (down 129.3 billion or 26%) over the same six-month period. However, the coin-only exchange market saw increases in average daily trading volume (up 220 million or 36%) and total operating profits (up 2.3 billion or 13%).

The overall amount of external transfers of virtual assets to registered entities increased 6 percent. External transfers declined in terms of travel rule transactions (down 23%) but rose in transactions to the whitelisted overseas entities and personal digital wallets (up 14%).

Despite a slight increase in the number of custody and wallet service users (up 20 or 3%), t he total size of virtual assets in custody and wallet services (down KRW0.4 trillion or 58%) declined significantly due to drops in the base prices of virtual assets.