South Korea's won has surpassed the U.S. dollar in global virtual currency trading, hitting $456 billion in the first quarter, per Kaiko. This shift is attributed to fee battles among Korean exchanges, with players like Bithumb offering zero-fee promotions. The country's preference for smaller, riskier cryptocurrencies is evident, comprising 80% of trading. Amid this surge, South Korean investors are eyeing high-risk ETFs like BITX. Political pledges to defer crypto taxation and ease restrictions on U.S. Bitcoin spot ETFs have fueled the frenzy. However, stricter user protection laws are looming post the Terra-Luna scandal, set to take effect on July 19. These laws aim to curb unfair trade practices and could entail hefty penalties, including life imprisonment.

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