- Over 30% of South Koreans invest in crypto, with 15.59 million domestic virtual asset investors recorded by November.
- South Korea delays cryptocurrency tax until 2027, signaling government support for a growing digital asset market.
The South Korean virtual asset market has hit new milestones, according to Bank of Korea data. Delivered to Democratic Party Representative Lim Kwang-hyeon by the Planning and Finance Committee of the National Assembly on November 25, the report showed that domestic virtual asset investors by the end of November reached 15.59 million, 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 numbers show accounts kept among the five main exchanges of the nation: Upbit, Bithumb, Coinone, Korbit, and Gopax. Although overlapping narratives were taken into consideration, the data still shows that, at 51.23 million, over 30% of South Korea’s population has made crypto investments.
The Bank of Korea has never before published thorough data on virtual assets, therefore underlining their increasing importance in the national economy.
The monthly increase in 100,000 investors shows consistent market rejuvenation driven by the significant value increase for Bitcoin. From about 105 million won at the end of October to 135.8 million won by late November, Bitcoin values skyrocketed.
From 58 trillion won in October, the overall market valuation of assets owned by domestic investors rose to 102.6 trillion won as of November’s conclusion.
The average holdings per investor have also changed from 3.87 million won in October to 6.58 million won in November, therefore reflecting individual investment levels. Comparatively, liquid deposits set aside for future investments grew drastically, rising 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 show fast expansion. Nowadays, this number competes with the daily trading volumes of the KOSPI and KOSDAQ stock markets, which together totaled around 16.9 trillion won over the same period. This boom emphasizes how increasingly virtual assets are shaping the financial space in South Korea.
Rep. Lim pointed out that virtual asset trading’s scope now matches those of the stock market, and government intervention is needed to guarantee market stability and defend consumer rights. In this fast-expanding industry, he underlined the importance of strong policies to provide a decent trading environment.
South Korea keeps proving a progressive stance on digital assets in the meantime. A CNF report notes that the administration just pushed back on the introduction of a crypto tax until 2020.
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