South Korea is witnessing an unprecedented surge in cryptocurrency adoption, with the number of crypto exchange users surpassing 16 million—equivalent to over 30% of the population. This spike in participation comes in the wake of Donald Trump’s U.S. presidential election victory last November, which fueled optimism in the global crypto market. According to a March 30 report from local news agency Yonhap, the data was compiled from the country’s top five crypto exchanges: Upbit , Bithumb, Coinone, Korbit, and Gopax. The figure reflects the number of individual users with verified exchange accounts, ensuring that individuals with multiple accounts were only counted once. Crypto Outpaces Stock Market in South Korea The latest data highlights that crypto investing is rapidly gaining ground on traditional equities in South Korea. According to Korea’s Securities Depository, the country had 14.1 million individual stock investors as of December last year—a figure now eclipsed by the crypto market’s 16 million users. In March 2024 alone, the number of crypto investors exceeded 14 million, collectively holding a staggering 102.6 trillion won ($70.3 billion) in crypto assets. This surge gained momentum after Trump’s election victory, which spurred 600,000 new users to open accounts, reflecting growing retail confidence in digital assets. Industry experts believe the growth trajectory is far from over. “Some believe the crypto market has reached a saturation point, but there is still endless room for growth compared with the matured stock market,” an unnamed official told Yonhap. Analysts forecast the number of South Korean crypto investors could hit 20 million by year-end. Public Officials Increasingly Invest in Crypto Interestingly, it’s not just retail investors entering the market—South Korean public officials are also showing significant interest in crypto. On March 27, the Ethics Commission for Government Officials disclosed that 20% of surveyed public officials—411 out of 2,047—held a combined 14.4 billion won ($9.8 million) in crypto assets. The highest individual holding belonged to Seoul City Councilor Kim Hye-young, who declared 1.76 billion won ($1.2 million) in crypto holdings. Meanwhile, as per a January report, South Korea is working on establishing a complete regulatory framework for crypto, with follow-up legislation expected to be completed in 2025. The post Over 16 Million Users in South Korea Now Hold Exchange Accounts appeared first on TheCoinrise.com .
