According to new central bank data shared by Democratic Party lawmaker Lim Kwang-hyun, the number of cryptocurrency holders in South Korea exceeded 15.59 million in November. This figure indicates an increase of 610,000 from the previous month’s total of 14.98 million.
South Korea and Cryptocurrency Investors
The numbers are based on the count of investors who opened accounts at five major local exchanges: Upbit, Bithumb, Coin One, Cobit, and Gopax. With a population of approximately 51.23 million, it appears that over 30% of the country is investing in cryptocurrencies.
In November, total cryptocurrency assets rose to 102.6 trillion won (69.768 billion USD), with the average daily trading volume climbing to 14.9 trillion won (10.132 billion USD). The increase from July’s total assets of 586 trillion won reflects market activity. While the potential for duplicate accounts across several exchanges exists, this does not change the reality of millions of crypto investors in the country.
Government’s Approach to the Crypto Market
Lim Kwang-hyun noted that the level of cryptocurrency transactions is approaching national exchange levels. He emphasized the need for preparations at the government level to enhance the stability of the virtual asset market and establish robust market operations that protect user rights.
The continuous rise in the number of cryptocurrency investors is attributed to market optimism following Donald Trump’s election in the U.S. With an average increase of approximately 100,000 each month, this trend is expected to continue. Additionally, the popularity of decentralized financial instruments and technological advancements continue to capture the interest of cryptocurrency investors in South Korea.
Regulators are working on new regulations to ensure market stability and protect users. These developments may have significant implications for the future of the cryptocurrency market. South Korea has become more sensitive to the impact of cryptocurrencies on voting in the last two elections after multiple shifts regarding taxation policies.
This rapid change in financial markets necessitates the development of new strategies for both individual and institutional investors.
