South Korea’s cryptocurrency market experienced explosive growth in the first half of 2024, with the number of crypto investors reaching 7.8 million. This figure represents a 21% increase from 6.45 million in the latter half of 2023, according to data from the Financial Intelligence Unit of the Financial Services Commission, as reported by the Hankook Ilbo.
The surge in investment has been accompanied by a remarkable 67% rise in daily trading volumes, which now stand at $4.4 billion. The overall market capitalization of cryptocurrencies in South Korea has also seen significant growth, climbing 27% to approximately $40 billion. This momentum is largely attributed to a recent rally in Bitcoin, with prices surpassing $73,000, sparking renewed interest among investors.
Demographic analysis reveals that male investors in their 30s make up the largest group, totaling 1.58 million. They are followed closely by those in their 40s, numbering 1.5 million, and investors under 30, who total 1.08 million. Notably, men constitute 68% of the total investor base. The report indicates that 67% of investors hold cryptocurrency assets valued at less than $375, while about 10% have portfolios exceeding $7,500. Only 1.3% of investors possess assets worth over $75,000.
In light of these developments, the South Korean government is planning to tighten regulations to enhance oversight of trading activities. Reports suggest that authorities are considering regulations requiring firms involved in cross-border crypto trading to register and report monthly transaction details to the Bank of Korea, the country’s central bank.
Related topics:
Saylor Advocates for Bitcoin Self-Custody Amid Controversy
South Korea to Enforce Regulations on Cross-Border Crypto Transactions
Five Convicted in Austria’s Largest Cryptocurrency Fraud, Totaling $21.6 Million
