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, marking 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 represent accounts held across the five main exchanges in the country: Upbit, Bithumb, Coinone, Korbit, and Gopax. Although overlapping narratives were taken into account, the data still indicates that over 30% of South Korea’s population, totaling 51.23 million, has engaged in crypto investments. The Bank of Korea has never published comprehensive data on virtual assets before, thereby underscoring their growing significance in the national economy.
The monthly increase of 100,000 investors demonstrates a consistent rejuvenation of the market, driven by the substantial rise in Bitcoin’s value. Bitcoin prices soared from approximately 105 million won at the end of October to 135.8 million won by late November. The overall market valuation of assets held by domestic investors increased from 58 trillion won in October to 102.6 trillion won by the end of November.
The average holdings per investor also changed, rising from 3.87 million won in October to 6.58 million won in November, reflecting individual investment levels. In comparison, liquid deposits reserved for future investments grew significantly, increasing from just 4.7 trillion won a month earlier to 8.8 trillion won in November.
Trade volumes, which averaged 14.9 trillion won daily in November, also indicate rapid growth. This figure now 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 how virtual assets are increasingly influencing the financial landscape in South Korea.
Rep. Lim pointed out that the scope of virtual asset trading now matches that of the stock market, and he emphasized the necessity of government intervention to ensure market stability and protect consumer rights. In this rapidly expanding industry, he stressed the importance of robust policies to create a conducive trading environment.
Meanwhile, South Korea continues to demonstrate a progressive stance on digital assets. The ACNF report notes that the government has recently delayed the introduction of a crypto tax until 2020.