Crypto Adoption Soars in South Korea, Reaching 32% of Population
South Koreaās cryptocurrency market is booming. As of February, teh country had 16.29 million crypto investors. This number is nearly 32% of the population. The data comes from the top five domestic exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax.
The growth has been steady throughout 2024. In March,the number of investors surpassed 14 million. After Donald Trumpās U.S.presidential win in November, another 500,000 people joined, pushing the total beyond 15 million.
Experts predict further expansion. Some believe the crypto market will soon reach 20 million investors. An industry official told The Korea Herald that, unlike the mature stock market, the crypto space still has vast growth potential.
20% of South Korean Officials Own Crypto
A recent report by Munhwa shows that 20% of South Korean public officials own cryptocurrency. Out of 2,047 officials who filed asset declarations, 411 reported crypto holdings.
High-ranking officials, including the Secretary General of the Labor-Management Development Foundation and the President of the Korean National Police University, are among the crypto holders. The total value of declared crypto assets is 14.41 billion Korean won ($9.8 million),with an average holding of 35.07 million won ($23,927) per official.
Seoul City councilor Kim Hye-young has the largest holdings, valued at 1.7 billion KRW. This trend suggests a more understanding regulatory approach, despite South Koreaās strict crypto trading rules, such as real-name verification and anti-money laundering measures.
