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 numbers reflect accounts held across the five main exchanges in the country: Upbit, Bithumb, Coinone, Korbit, and Gopax. Although overlapping narratives were considered, the data still indicates that over 30% of South Korea’s population, totaling 51.23 million individuals, has made crypto investments. The Bank of Korea has never before published comprehensive data on virtual assets, highlighting their growing significance in the national economy.
The monthly increase of 100,000 investors demonstrates a consistent rejuvenation of the market, fueled by the substantial rise in Bitcoin value. Bitcoin soared from approximately 105 million won at the end of October to 135.8 million won by late November. The total market valuation of assets held by domestic investors rose from 58 trillion won in October to 102.6 trillion won by the end of November.
The average holdings per investor also increased 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 saw significant growth, 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 indicate rapid expansion. This figure now competes with the daily trading volumes of the KOSPI and KOSDAQ stock markets, which together totaled approximately 16.9 trillion won during the same period. This boom underscores how increasingly virtual assets are shaping the financial landscape in South Korea.
Rep. Lim emphasized that the scope of virtual asset trading now rivals that of the stock market, asserting that government intervention is necessary to ensure market stability and protect consumer rights. In this rapidly expanding sector, he highlighted the importance of robust policies to create a conducive trading environment.
Meanwhile, South Korea continues to adopt a progressive stance on digital assets. The ACNF report notes that the administration has postponed the introduction of a crypto tax until 2020.