Crypto Adoption soars in South Korea, Reaching 32% of Population
South Korea’s crypto investor base has surged to 16.29 million as of February, according to data from Rep. Cha Gyu-geun. This number, nearly 32% of the country’s population, 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 crossed 14 million. After Donald Trump’s U.S. presidential win in November, an additional 500,000 people joined, pushing the total beyond 15 million.
Experts predict further expansion, with some expecting 20 million crypto investors soon. An industry official told The Korea Herald, “While some think the market is saturated, there’s still vast potential for growth compared to the mature stock market.”
20% of South Korean Officials Hold Cryptocurrency
A recent munhwa report reveals that 20% of South Korean public officials own crypto. Out of 2,047 officials who filed asset declarations, 411 reported crypto holdings.
High-ranking officials, including the Secretary general of the Labour-Management Development Foundation and the President of the Korean National Police University, are among the crypto holders. The total declared value of these 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 holds the largest crypto assets, valued at 1.7 billion KRW. This significant adoption among officials may signal a more understanding regulatory stance, despite South Korea’s strict crypto trading rules, including real-name verification and anti-money laundering measures.
