Over 30% of South Koreans invest in crypto assets

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As a researcher with a keen interest in the intersection of technology and finance, I find the surge in South Korean crypto holders intriguing, especially considering it coincides with Donald Trump’s victory in the 2024 US Presidential Election.

As a researcher studying cryptocurrency trends, I found an interesting correlation: The number of South Korean crypto holders seemingly surged in November, coinciding with the election of Donald Trump as the U.S. President.

On December 25th, according to Yonhap News, South Korea saw a rise of approximately 610,000 users for digital assets in November. As reported by Representative Lim Kwang-Hyun of the Democratic Party of Korea (DPK), the total number of digital asset investors in the country reached 15.59 million by the end of November.

Approximately one-third of South Korea’s total population, amounting to 51.71 million people, are residents in the country. Remarkably, out of this vast populace, there are more than 15.59 million individuals who own cryptocurrencies, which equates to over 30% of the entire nation. This figure is derived from data provided by Yonhap, accounting for investors on five major Korean exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax.

Over 30% of South Koreans hold crypto

Beginning July 19th, the Virtual Asset User Protection Act, overseen by the Financial Services Commission (FSC), has been enforced. Under these new guidelines, virtual asset service providers are now required to safeguard their customers’ cryptocurrency holdings.

According to Yonhap, they gathered and made public the data in accordance with the nation’s fresh rules regarding cryptocurrency exchanges. Notably, this marks the initial occasion where such statistical information concerning cryptocurrencies has been disclosed.

Besides user count, the data indicated that South Koreans own approximately 102.6 trillion Korean won, equivalent to about $70.3 billion, in cryptocurrency holdings. The news source stated that the volume of transactions involving these crypto assets is currently posing a significant challenge to the local stock market.

Trump’s win attracted more crypto investors in South Korea

Based on reports from Yonhap, the surge in user numbers appears to be linked with the outcomes of the U.S. elections in November.

On November 6th, Donald Trump was elected as the U.S. President for the year 2024. It is widely thought that Trump’s win will mark a significant shift in the U.S.’s stance against Bitcoin and other cryptocurrencies. Enthusiasts within the crypto community predict that changes to the nation’s approach to digital currencies are imminent.

This narrative has also reached the crypto community in South Korea. Yonhap said that the increase in crypto users in South Korea may be fueled by hopes of more favorable regulations for the crypto space after the Trump win. 

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2024-12-25 11:40