Crypto is gaining popularity worldwide. Where in the early years there was a skeptical response to this form of digital money, more and more people acknowledge the potential of blockchain technology. Yet the number of people who actually own crypto is still relatively small.
Remarkably, South Korea is an exception to this. Recent research, quoted by the South Korean news platform Yonhap News, shows that more than 30% of the South Korean population is investing in digital assets.
South Korea is ahead of the rest of the world
At the end of November 2024, South Korea had 15.6 million active crypto investors, which amounts to more than a third of the population. These figures are based on data from the five largest crypto-exchanges in the country: Upbit, Bithumb, Coinone, Korbit and Gopax. Together, South Koreans have invested around 102.6 trillion Korean won in crypto, which amounts to around $ 70.3 billion.
For comparison: according to a report from Triple-A from June 2024, only 6.8% of the population of cryptocurrency has around 562 million people worldwide. This means that the percentage of crypto owners in South Korea is five times higher than the global average.
Legislation and politics as catalysts
An important factor behind this explosive growth is the introduction of the “Virtual Asset User Protection Act” on July 19, 2024. This law obliges exchanges to take stricter security measures, which has increased trust in the cryptomarkt.
In addition, international politics plays a role. Donald Trump’s victory in the US presidential election in November 2024, according to Yonhap News, contributed to positive expectations about more favorable worldwide regulations for digital assets. This optimism has also given the South Korean Cryptomarkt an extra boost.
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Source: https://newsbit.nl/onderzoek-meer-dan-30-van-de-zuid-koreanen-bezit-crypto/
