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Coinpaprika 2024-12-25 12:09:51

Over 30% of South Koreans Now Invest in Crypto

South Korea has reached a milestone with over 30% of its population now involved in cryptocurrency investments. By late 2024, the number of crypto investors surged to 15.59 million , marking a record in the country’s history. This rapid growth highlights the increasing prominence of digital assets in South Korea’s financial landscape. In November, the daily trading volume of cryptocurrencies hit $10.5 billion, rivaling the combined activity of the KOSPI and KOSDAQ stock markets. The data, sourced from the country’s five largest cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—demonstrates the growing significance of digital assets. The government, in response, may need to focus on creating a safer trading environment, protecting investor rights, and stabilizing the market. Representative Lim Gwang-hyun of the Democratic Party, who serves on the National Assembly’s Finance and Planning Committee, revealed data from the Bank of Korea showing a sharp rise in crypto investors. The 15.59 million investors account for 30% of South Korea’s population , which stands at approximately 51.23 million. In just one month, between October and November, the investor count grew by 610,000. The total value of digital assets held by South Korean investors soared to $70.3 billion (102.6 trillion KRW) by late November, compared to $39.7 billion (58 trillion KRW) in October. Meanwhile, funds deposited on exchanges, awaiting investment, rose from $3.2 billion (4.7 trillion KRW) in October to $6.03 billion (8.8 trillion KRW) by November’s end. The surge in trading activity was driven largely by altcoins, which now account for 88% of trades. Upbit, South Korea's largest cryptocurrency exchange, dominates the market with an impressive 90% share. Upbit’s market dominance, which grew significantly between 2020 and 2021, remains strong today. Despite the impressive growth, South Korea’s crypto market continues to face challenges. The announcement of martial law by President Yoon Suk Yeol earlier this year, though later revoked, caused some disruption. Additionally, regulatory uncertainty and market volatility remain persistent issues. Policymakers are under increasing pressure to address these hurdles as the scale of cryptocurrency trading grows closer to that of traditional stock markets. The remarkable rise of digital assets in South Korea highlights their potential to transform the financial system, but it also underscores the urgent need for effective regulation and investor protection measures.

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