South Korea exchange net inflows drop 57% ahead of crypto tax
- —Net inflows to Upbit, Bithumb, Coinone, Korbit and Gopax hit 2.05 trillion won vs 4.74 trillion a year earlier
- —Won deposits fell from 7.69 trillion won in January to 5.2 trillion in August (-32.3%)
- —Net outflows to overseas exchanges rose 74.2% to 480.2 billion won
- —Stablecoin share of won deposits climbed from 6.1% to 11.6%
Why it matters: Capital-flight fears over the tax could push Seoul to revisit the timing and terms of the 22% levy on crypto gains.
Source: Bloomingbit