As a researcher who has been closely monitoring the global digital asset market for years, this surge in South Korean crypto investors is nothing short of astonishing. I remember when cryptocurrencies were barely on anyone’s radar, now they are competing with traditional stock markets!
2024 saw a substantial increase in digital asset investors within South Korea, particularly toward the year’s end. For the first time, comprehensive statistics were gathered from their five leading cryptocurrency exchanges – Upbit, Bithumb, Coinone, Korbit, and Gopax.
This progression could prompt the government to establish a safe trading platform, safeguard investor interests, and maintain market equilibrium.
Record-Breaking 15.59 Million Crypto Investors in South Korea
Based on information from Yonhap News Agency, Representative Lim Gwang-hyun of the Democratic Party in South Korea, who is part of the Finance and Planning Committee at the National Assembly, shared data from the Bank of Korea. This data shows that as of November’s end, there were approximately 15.59 million local investors in digital assets, marking a rise of about 610,000 compared to late October. This significant number represents roughly 30% of South Korea’s total population, which is around 51.23 million people.
In November, daily trade in digital assets on South Korean exchanges amounted to around 14.9 trillion Korean Won ($10.5 billion), which is very close to the total value traded on both the KOSPI stock market (9.92 trillion KRW) and KOSDAQ (6.97 trillion KRW). In simpler terms, digital asset trading activity in South Korea is almost as significant as the combined trading activity of its two main stock markets.
By the close of November, the combined worth of digital assets owned by South Korean investors had climbed to approximately 102.6 trillion Korean Won (equivalent to about $70.3 billion USD). This figure represents a substantial rise from the 58 trillion KRW ($39.7 billion USD) recorded in October.
The total amount of funds that haven’t been invested yet, which are kept on exchanges, stood at approximately 8.8 trillion Korean Won (equivalent to about 6.03 billion US dollars) by the close of November. This figure marked a significant increase compared to the 4.7 trillion Korean Won (approximately 3.2 billion US dollars) recorded in late October.
Representative Lim Gwang-hyun underscored that the expansion of digital asset trading is happening swiftly and has reached a level similar to stock market trading. He stressed the importance of the government taking comprehensive measures to create a secure trading environment, defend user rights, and maintain market balance,” is one way to paraphrase the original statement in a natural and easy-to-read manner.
Furthermore, data provided by Kaiko shows a significant increase in cryptocurrency trading volumes on South Korean exchanges during November. The lion’s share of this activity was seen on the exchange, Upbit. In the period between September 2020 and May 2021, Upbit’s market share surged from approximately 43% to almost 90%, and it has remained high since then. It is worth noting that around 88% of trading activity on Upbit involves altcoins.
Despite this, the cryptocurrency market in South Korea is still encountering some instability, particularly following an unforeseen announcement of martial law by President Yoon Suk Yeol. Even though martial law was lifted subsequently, crypto trading continues to grapple with multiple regulatory challenges.
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2024-12-25 14:50