South Korea’s Financial Services Commission (FSC) on Oct. 1 released the results of its survey on virtual asset businesses for the first half of 2026. The review was conducted by the Korea Financial Intelligence Unit (KoFIU) and the Financial Supervisory Service, covering 26 operators as of the end of June, including 17 exchanges and 9 wallet and custody providers. Of 28 reporting entities, 2 did not submit data.
Compared with the second half of 2025, exchanges posted declines in total asset valuation, average daily trading volume, and KRW deposits. Operating profit fell 78%.
Total valuation fell to KRW 58.9 trillion, daily trading volume dropped 44%
As of the end of June, the total valuation of virtual assets held domestically stood at KRW 58.9 trillion, down KRW 28.3 trillion, or 33%, from KRW 87.2 trillion at the end of 2025. The FSC said the figure is calculated based on domestic holdings and is labeled "total valuation" to distinguish it from market capitalization based on global circulating supply.
Average daily trading volume in the first half came in at KRW 3.1 trillion, down 44% from KRW 5.4 trillion in the second half of 2025. KRW deposits fell 35%, from KRW 8.1 trillion to KRW 5.2 trillion.
Across tokens, the average maximum drawdown from peak levels was 69%. The FSC said that was clearly higher than the stock market over the same period. BTC recorded a maximum drawdown of 40%, while ETH posted 57%.
Exchange operating profit fell to KRW 81.6 billion, user accounts still edged higher
As trading volume contracted, exchange revenue in the first half of 2026 fell 41%. Operating profit dropped from KRW 374.8 billion in the second half of 2025 to KRW 81.6 billion, a 78% decline.
The number of tradable user accounts still rose 0.4% to 11.175 million. The largest age group shifted from users in their 30s to users in their 40s. Accounts holding less than KRW 1 million totaled 8.63 million.
Exchanges employed 2,021 people in total, 10 fewer than at the end of 2025. Anti-money laundering staffing remained unchanged at 213.
Wallet and custody operators saw total assets under custody fall 25% to KRW 230.4 billion. Their operating loss widened from KRW 9.3 billion to KRW 18.6 billion.
Among single-exchange listings, 40% were valued below KRW 100 million
The KRW market remained the main segment. The crypto-to-crypto market, where assets can only be swapped against other cryptocurrencies, accounted for just 0.6% of total valuation. Its average daily trading volume fell 55% to KRW 380 million.
The FSC also calculated monthly turnover for the first time. The KRW market ranged from 100% to 201%, while the crypto-to-crypto market ranged from 2% to 9%.
After removing duplicates, 673 virtual assets were in domestic circulation, down 5% from 712 at the end of 2025. Of these, 234 were listed on only one exchange. Those assets had a combined valuation of KRW 0.6 trillion, equal to 1% of the total. Among them, 40%, or 93 tokens, were valued below KRW 100 million, and their average maximum drawdown reached 77%.
The FSC said investors should pay attention to these assets because they tend to have limited liquidity and sharp price swings.
External transfers fell 41%; survey based on self-reported data
In the first half of 2026, exchanges transferred KRW 62.8 trillion to external destinations, down 41% from the previous half. Of that amount, 15% was subject to the travel rule, which requires sender and recipient information to be transmitted, while 83% was sent to pre-registered whitelist addresses.
The FSC added that the survey compiles data submitted by operators and is not an officially approved national statistic.