South Korea has reached an important point in crypto use, with more than 30% of its people now investing in digital assets. By late 2024, there were 15.59 million crypto investors, the highest number ever for the country. This increase shows how important cryptocurrencies are becoming in South Korea’s financial system.

In November, daily trading volume for cryptocurrencies reached $10.5 billion, exceeding the total trading activity of the KOSPI and KOSDAQ stock markets. Information from the top five crypto exchanges in the country—Upbit, Bithumb, Coinone, Korbit, and Gopax—shows that digital currencies are becoming more important. The South Korean government is encouraged to improve the trading environment, protect investor rights, and stabilize the market due to this rapid growth.

Representative Lim Gwang-hyun, from the National Assembly’s Finance and Planning Committee, reported that the Bank of Korea noted a significant rise in crypto investors. About 15.59 million investors make up around 30% of South Korea’s 51.23 million people.

There was a notable increase of 610,000 investors in just one month, from October to November. The total value of digital assets owned by these investors rose to $70.3 billion (102.6 trillion KRW) by late November, increasing from $39.7 billion (58 trillion KRW) in October.

Most trading is done with altcoins, making up 88% of trades, and Upbit, the biggest exchange, holds a 90% market share. Even with this strong growth, there are still challenges, like unclear regulations and market ups and downs, made worse by past political issues.

As cryptocurrency trading grows like traditional stock markets, policymakers feel more pressure to create effective regulations and protect investors, showing how digital assets can change South Korea’s financial system.

Tags