Over 30% of South Korea’s Population is Investing in Crypto
By the end of 2024, the number of digital asset investors in South Korea has grown significantly. For the first time, South Korea has provided detailed statistics on its five major cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax).
This development is likely to push governments to create a safe trading environment, protect investors’ rights and ensure market stability.
The number of cryptocurrency investors in South Korea exceeds 15.59 million
according to yonhap news agencyRep. Lim Kwang-hyun of the Democratic Party of Korea (member of the National Assembly Finance and Planning Committee) disclosed the data from the Bank of Korea. Data shows that as of late November, the number of domestic digital asset investors reached 15.59 million, an increase of 610,000 from late October. This number accounts for 30% of South Korea’s total population (approximately 51.23 million).
In November, the average daily trading volume of South Korea’s digital asset exchange reached 14.9 trillion won (approximately US$10.5 billion), almost equivalent to the combined trading volume of the KOSPI stock market (9.92 trillion won) and KOSDAQ (6.97 trillion won). .
As of the end of November, the total value of digital assets held by South Korean investors reached 102.6 trillion won (approximately US$70.3 billion), a significant increase from 58 trillion won (US$39.7 billion) in October.
Deposits (money that has not been invested and is held on exchanges) reached 8.8 trillion won ($6.03 billion) as of the end of November, up sharply from 4.7 trillion won ($3.2 billion) at the end of October.
“The scale of digital asset transactions is growing rapidly and is now comparable to the stock market. The government must be fully prepared to establish a safe trading environment, protect user rights and interests, and ensure market stability.” Councilor Lin Guangxian emphasize.
Furthermore, data from Kaiko shows that South Korea’s cryptocurrency trading volume comminicate November surged, with most of the activity concentrated on Upbit. Upbit’s market share It surged from 43% to nearly 90% between September 2020 and May 2021 and has remained at a high level since then. Altcoins account for 88% of Upbit’s trading activity.
Still, South Korea’s cryptocurrency market has experienced some difficulties TurbulenceEspecially after President Yoon Seok-yeol unexpectedly declared martial law. Although martial law was later lifted, cryptocurrency trading continued Facing numerous regulatory hurdles.
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