- South Korea’s cross-border crypto transfers climbed from 34.02T won to 163.55T won in three years.
- Bank remittances grew just 20% over the same period, widening the payments growth gap.
- New reporting rules from December 2026 will bring overseas crypto flows under oversight.
Cross-border cryptocurrency transfers through South Korea’s exchanges have expanded nearly fivefold in three years, outpacing growth in traditional bank remittances.
Data from lawmaker Kim Sang-hoon’s office showed overseas exchange transfers rising from 34.02 trillion won in 2022 to 163.55 trillion won in 2025. The 380% increase contrasts with the 20% growth recorded by the country’s five largest commercial banks during the same period.
Crypto Transfers Outpace Bank Remittance Growth
The exchange figures cover Upbit, Bithumb, Coinone, Korbit, and Gopax, all of which support won-denominated trading and transfers. According to the report, their combined overseas flows reached about 10% of the value processed by major banks in 2025.
Despite the rapid growth in crypto transfers, the country’s five largest commercial banks continued to handle far larger volumes overall. Their combined foreign-currency transfer volume increased from $1.009 trillion in 2022 to $1.108 trillion in 2025, equivalent to about 1,318 trillion won and 1,590 trillion won, respectively, based on average exchange rates.
However, the difference in growth rates shows how quickly digital-asset transfer channels are expanding within the payments market. Cost comparisons also help explain the shift. According to reports, sending 30 million won through one bank would cost about 25,000 won.
On the contrary, moving a similar amount in Bitcoin through a domestic exchange would cost roughly 19,000 won. Users may still face network fees, trading spreads, and price volatility.
Banks Test Blockchain Rails as Oversight Expands
The figures do not represent identical transaction types. Exchange transfers can include funds sent to overseas trading platforms or private wallets, rather than family or business payments.
Even so, banks are testing blockchain systems to improve international settlement. One such, Toss Bank, has agreed with the Solana Foundation to explore stablecoin-based global remittances and settlement.
Similarly, KBank has partnered with Ripple to test whether blockchain infrastructure can reduce costs while improving transfer speed and transparency. Regulatory oversight is also moving alongside adoption.
From December 2026, cross-border virtual-asset transfers will enter South Korea’s foreign-exchange reporting framework. As a result, service providers will need to register with the Ministry of Economy and Finance.
They must also report transaction data through the Bank of Korea’s system. The growth figures show that crypto transfers remain smaller than bank remittances, but their rapid expansion is reshaping how institutions approach cross-border payments.
Related: South Korea Expands Deposit Token Plans With Banks and Sandbox Reforms
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