According to data from the Bank of Korea, the South Korean virtual asset market has reached new milestones. A report delivered to Democratic Party Representative Lim Kwang-hyeon by the Planning and Finance Committee of the National Assembly on November 25 indicated that the number of domestic virtual asset investors had reached 15.59 million by the end of November, an increase of 610,000 from October.
ALMOST 1 IN 3 SOUTH KOREANS HOLD CRYPTO
South Korea’s crypto game is on fire: 15.59M+ people are in, that’s over 30% of the population, including babies and small kids, flipping the script on traditional investments.
With $79B in assets and daily trading volumes neck-and-neck…pic.twitter.com/0tq8b4DZNr
— Mario Nawfal’s Roundtable (@RoundtableSpace) December 25, 2024
Rising Crypto Engagement Reflects South Korea’s Expanding Virtual Asset Market
These figures reflect accounts held across the nation’s five main exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. While overlapping narratives were taken into account, the data indicates that over 30% of South Korea’s population, totaling 51.23 million, has engaged in crypto investments.
The Bank of Korea has never previously published comprehensive data on virtual assets, underscoring their growing significance in the national economy.
The monthly increase of 100,000 investors signifies a consistent rejuvenation of the market, driven by a substantial rise in Bitcoin’s value. Bitcoin surged from approximately 105 million won at the end of October to 135.8 million won by late November.
The total market valuation of assets owned by domestic investors rose from 58 trillion won in October to 102.6 trillion won by the end of November.
Average holdings per investor also changed, increasing from 3.87 million won in October to 6.58 million won in November, reflecting individual investment levels. In comparison, liquid deposits set aside for future investments experienced significant growth, rising from just 4.7 trillion won a month earlier to 8.8 trillion won in November.
Trade volumes, averaging 14.9 trillion won daily in November, also exhibit rapid expansion. Currently, this figure competes with the daily trading volumes of the KOSPI and KOSDAQ stock markets, which together totaled around 16.9 trillion won during the same period. This boom highlights the increasing influence of virtual assets on the financial landscape in South Korea.
Rep. Lim emphasized that the scope of virtual asset trading now parallels that of the stock market, indicating that government intervention is necessary to ensure market stability and protect consumer rights. In this rapidly evolving industry, he stressed the importance of robust policies to create a sound trading environment.
Meanwhile, South Korea continues to adopt a progressive stance on digital assets. The ACNF report notes that the government has postponed the introduction of a crypto tax until 2020.