Users of cryptocurrency exchanges in South Korea have surpassed 16 million, experiencing a surge following the election victory of US President Donald Trump last November.
Information shared with Representative Cha Gyu-geun of the minor opposition Rebuilding Korea Party revealed that more than 16 million individuals have accounts on crypto exchanges, out of a total population of 51.7 million, as reported on March 30 by a local news outlet.
This figure accounts for more than 30% of the overall population.
All information was sourced from the top five domestic virtual exchanges in South Korea: Upbit, Bithumb, Coinone, Korbit, and Gopax. Individuals with multiple accounts were counted only once.
Industry insiders speculate that the number of crypto users could rise to 20 million by the year’s end. One unnamed industry official mentioned:
“Some believe the crypto market has reached a saturation point, but there is still an endless possibility for growth compared with the matured stock market.”
After Trump’s election win last November, the number of crypto users increased by over 600,000, reaching 15.6 million, collectively possessing 102.6 trillion South Korean won (approximately $70.3 billion) in cryptocurrency assets.
As of last December, investors in South Korea’s crypto market held 102.6 trillion South Korean Won ($70.3 billion) in crypto assets.
The number of crypto investors exceeded 14 million in March 2024, according to reports.
In contrast, the Korea Securities Depository reported only 14.1 million registered individual investors in the stock market as of December last year, according to a South Korean financial publication.
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Officials in South Korea have also acknowledged their own crypto holdings. The country’s Ethics Commission for Government Officials disclosed on March 27 that 20% of those surveyed hold a total of 14.4 billion won ($9.8 million) in cryptocurrency, which includes 411 out of 2,047 officials who are subject to disclosure regulations regarding crypto asset ownership.
The highest amount reported was 1.76 billion won ($1.2 million) by Seoul City Councilor Kim Hye-young.
On March 26, the Financial Intelligence Unit of the South Korean Financial Services Commission published a list of 22 unregistered platforms and 17 that were removed from the Google Play store.
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