The number of digital asset investors in South Korea skyrocketed significantly at the end of 2024. For the first time, South Korea compiled detailed statistics from its five largest Cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit and Gopax).
This development could motivate the government to create a safe trading environment, protect investors’ rights and ensure market stability.
Record: 15.59 million Cryptocurrency Investors in Korea
According to Yonhap News AgencyRepresentative Lim Gwang-hyun of the Democratic Party of Korea (member of the National Assembly’s Finance and Planning Committee) revealed data from the Central Bank of Korea. Data show that at the end of November, the number of domestic digital asset investors reached 15.59 million, an increase of 610K compared to the end of October. This number accounts for about 30% of South Korea’s national population (about 51.23 million).
In November, the average daily trading volume on digital asset exchanges in South Korea reached 14.9 trillion KRW (about 10.5 billion USD), nearly equal to the combined trading value of the market. KOSPI (9.92 trillion KRW) and KOSDAQ (6.97 trillion KRW) securities.
By the end of November, the total value of digital assets held by Korean investors was 102.6 trillion KRW (about 70.3 billion USD), a marked increase from 58 trillion KRW (39.7 billion USD). ) in October.
Deposits—uninvested funds held on exchanges—reached KRW8.8 trillion ($6.03 billion) at the end of November, up sharply from KRW4.7 trillion ($3.2 billion). billion USD) at the end of October.
“The scale of digital asset transactions is growing rapidly and is now comparable to the stock market. The government needs to be fully ready to establish a safe trading environment, protect user rights, and ensure market stability,” said Delegate Lim Gwang-hyun emphasize.
Additionally, data from Kaiko shows that Cryptocurrency trading volumes on Korean exchanges skyrocketed in November, with much of the activity focused on Upbit. Upbit’s market share increased from 43% to nearly 90% from September 2020 to May 2021 and has maintained this high level since then. Altcoins account for 88% of trading activity on Upbit.
However, the Korean Cryptocurrency market still experienced some fluctuations, especially after the sudden declaration of martial law by President Yoon Suk Yeol. Although martial law has since been lifted, Cryptocurrency trading continues to face many regulatory hurdles.