South Korea crypto remittances rose 380% in three years
The volume of overseas transfers through cryptocurrency platforms in South Korea increased by 380% over the past three years. This growth significantly outpaced traditional bank remittances as financial companies became more active in exploring blockchain-based payment services.
According to SBS Biz, transfers through South Korea’s five largest won-denominated crypto exchanges rose from $26.2 billion in 2022 to $125.8 billion last year.
At the same time, overseas remittances through the country’s five largest commercial banks reached $1.108 trillion in 2025. In 2022, the same banks processed $1.009 trillion in transfers. As a result, growth over the three-year period was about 20%.
Why Koreans are choosing crypto
Hwang Seok-jin, a professor at Dongguk University’s Graduate School of International Information Protection, said consumers may have been choosing cryptocurrency platforms more often because of lower transaction fees.
According to the broadcaster, a customer sending $20,000 through a commercial bank would pay a fee of about $16.67. Sending an equivalent amount in Bitcoin through a local crypto exchange would cost about $12.67, regardless of the transaction size.
Banks explore blockchain payments
South Korean financial companies have started moving more actively into blockchain-based payment infrastructure amid growing interest in digital asset transfers.
Toss Bank recently signed a memorandum of understanding with the Solana Foundation. The document covers several areas, including international money transfers. Shinhan Financial Group and Industrial Bank of Korea have also held discussions related to stablecoins and digital asset payments.
Banks’ interest is growing as South Korea prepares to launch a regulated framework for cross-border transfers in virtual assets. On June 2, the government promulgated amendments to the Foreign Exchange Transactions Act after cabinet approval. The revised law will take effect in December after a six-month grace period.
Under the new rules, companies providing cross-border digital asset transfer services will have to register with the Ministry of Economy and Finance. They will also be required to report overseas transfers through the Bank of Korea’s foreign exchange reporting network.
SBS Biz noted that competition among banks for new revenue sources may intensify if South Korea completes its legal framework for digital assets and advances broader cryptocurrency regulation, stepping up the fight against crypto-related crime.
As a reminder, South Korea introduced foreign exchange controls for cryptocurrency transfers.
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