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Over 30% of South Koreans Invest in Cryptocurrencies

Ignacio Teson•Wednesday, December 25, 2024•2 min read

South Korea’s cryptocurrency user base reached 15.6 million in November, surpassing 30% of the population.

The number of cryptocurrency holders in South Korea increased in November following Donald Trump’s victory in the U.S. presidential elections.

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On December 25, South Korean news outlet Yonhap reported that in November, the number of cryptocurrency users in the country grew by 610,000. Representative Lim Kwang-Hyun from the Democratic Party of Korea shared data showing that by the end of November, digital asset investors in the country had reached 15.6 million.

BTC/USD

With a population of 51.7 million, these 15.6 million cryptocurrency holders represent more than 30% of South Korea’s population. According to Yonhap, this figure includes users across the five major South Korean exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax.

Record Usage of Crypto in South Korea

The new Virtual Asset User Protection Act of the country’s Financial Services Commission (FSC) came into effect on July 19. Under this regulation, virtual asset service providers must ensure the protection of users’ crypto assets.

Yonhap also noted that the data was collected and published following the country’s new regulation on cryptocurrency exchanges. This marked the first time such statistical data related to cryptocurrencies was made public.

In addition to the number of users, the data showed that South Koreans hold approximately 102.6 trillion Korean won (USD 70.3 billion) in crypto assets. The outlet also noted that the country’s cryptocurrency transaction volume is now posing a threat to the local stock market.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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