South Korea Sees Crypto Boom: 30% of Population Now Owns Digital Assets
South Korea has seen a significant surge in cryptocurrency adoption, with the number of users jumping by 610,000 in November to reach 15.59 million.
Trump Victory Sparks Renewed Interest in Crypto
The number of cryptocurrency users in South Korea jumped by 610,000 in November, reaching 15.59 million by month’s end, according to data from the Bank of Korea. This latest figure translates to a crypto user ratio of just over 30% of South Korea’s population of approximately 51.23 million.
Prior to the November surge, the country’s crypto user base had been growing steadily, increasing by 100,000 users each month since July. According to a local report, the surge appears to be linked to the crypto market’s rally following Donald Trump’s U.S. presidential win. Trump’s victory has renewed interest in cryptocurrencies among Korean users, who anticipate a more favorable regulatory environment under the upcoming Republican takeover on Jan. 20, 2025.
The Bank of Korea’s data, shared with Korean lawmaker Lim Gwang-hyun, primarily came from the country’s top five crypto exchanges. The figures account for instances where individuals hold multiple exchange accounts. Commenting on the Bank of Korea’s report, Lim said:
The virtual asset transaction volume is rapidly increasing to a level comparable to that of the stock market. We need to make thorough preparations at the government-wide level to establish sound market transactions that enhance the stability of the virtual asset market and protect the rights and interests of users.
According to a report, the South Korean central bank, in compliance with the Virtual Asset User Protection Act, released data on the nation’s cryptocurrency market. The data meanwhile revealed a significant surge in crypto holdings, with South Koreans collectively owning digital assets valued at $73.28 billion (102.6 trillion won) by the end of November, a substantial increase from the $39.6 billion held at the end of October.
Daily transaction volume also saw a dramatic rise, nearly quadrupling from over $2.4 billion in October to $10.6 billion in November.
Furthermore, the value of digital assets held per person reached a high of $4,700 in November, a considerable jump from the average of under $2,730 observed between July and October. The data also showed a significant increase in deposit size, surging from under $3.4 billion between July and October to $6.2 billion by the end of November.
