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Recent data reveals that 15.6 million people in South Korea have invested in cryptocurrency, accounting for more than 30% of the country’s population.
South Korea’s Expanding Crypto User Base
According to a December 25 report by Yonhap News, the number of crypto investors in South Korea grew by 610,000 in November, reaching a total of 15.6 million. The data is based on statistics shared by Lim Kwang-Hyun, a member of the Democratic Party.
With a total population of 51.7 million, these figures indicate that over 30% of South Koreans are now involved in cryptocurrency investments. The numbers were gathered from the country’s five largest crypto exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax.
New Regulations and the Crypto Market’s Growth
The Virtual Asset User Protection Act, which came into effect on July 19, obligates crypto service providers to safeguard user investments. These regulations may have boosted confidence in the market, contributing to the expanding user base.
Yonhap News highlighted that this is the first set of statistics collected after the new regulations were implemented. The data not only shows the number of users but also reveals that South Koreans hold a total of 102.6 trillion Korean won ($70.3 billion) in crypto assets. Furthermore, the country’s crypto trading volume has reached levels that could rival the local stock market.
Trump’s Victory Fuels Crypto Interest
Yonhap’s report suggests that the rise in crypto investors in November could be linked to the U.S. presidential election. Donald Trump’s victory on November 5 raised expectations of a potential shift in the U.S.’s anti-Bitcoin stance. This optimism may have positively influenced South Korean investors, increasing interest in the crypto market. Given the global developments, the interest in cryptocurrency is expected to continue growing.
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