A new report from Kaiko shows that South Korea has emerged as a technology powerhouse and a significant player in the global cryptocurrency space. As a result, South Korea has been one of the largest markets in the cryptocurrency space since 2017. The Korean won has been the top two currencies in the global fiat currency trading volume. The South Korean cryptocurrency market is dominated by five major spot exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. These exchanges account for a considerable market share, with Upbit and Bithumb accounting for nearly 96% of the total trading volume.