cryptojournalist
Crypto Ownership Surges in South Korea
As of November, over 15.6 million South Koreans, more than 30% of the population, are investing in cryptocurrencies. This significant growth, reported by Yonhap News on December 25, reflects an increase of 610,000 new crypto users in just one month. The data, shared by Representative Lim Kwang-Hyun of the Democratic Party, covers investors on major South Korean exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax.
Regulations Boost Investor Confidence
South Korea’s Financial Services Commission (FSC) implemented the Virtual Asset User Protection Act on July 19, requiring exchanges to safeguard user assets. This marked the first time official crypto-related statistics were released in the country. These measures have likely contributed to the growing confidence among South Korean investors.
Crypto Market Outpaces Stock Market
The data revealed that South Koreans hold approximately 102.6 trillion Korean won ($70.3 billion) in crypto assets. The country’s crypto transaction volume is reportedly nearing levels that rival its stock market.
Impact of U.S. Election Results
Yonhap News suggests that the November U.S. presidential election, where Donald Trump secured a win, may have played a role in this surge. Trump’s victory is seen by many as a potential shift toward pro-crypto policies in the United States, which has positively influenced sentiment in South Korea’s crypto community.
GIPHY App Key not set. Please check settings