The number of digital asset investors in South Korea has increased significantly by the end of 2024. For the first time, South Korea has compiled detailed statistics from its five largest Cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit and Gopax).
This development may prompt the government to create a safe trading environment, protect investor rights, and ensure market stability.
Record: 15.59 Million Cryptocurrency Investors in South Korea
According to Yonhap News Agency, Democratic Party of Korea Representative Lim Gwang-hyun (member of the National Assembly's Finance and Planning Committee) revealed data from the Bank of Korea. The data shows that by the end of November, the number of domestic digital asset investors reached 15.59 million, an increase of 610,000 from the end of October. This figure accounts for about 30% of South Korea's total population (around 51.23 million).
In November, the average daily trading volume on digital asset exchanges in South Korea reached 14.9 trillion KRW (about $10.5 Bit), nearly matching the combined trading value of the KOSPI (9.92 trillion KRW) and KOSDAQ (6.97 trillion KRW) stock markets.
By the end of November, the total value of digital assets held by South Korean investors was 102.6 trillion KRW (about $70.3 Bit), a significant increase from 58 trillion KRW ($39.7 Bit) in October.
Deposits—funds not yet invested and held on exchanges—reached 8.8 trillion KRW ($6.03 Bit) at the end of November, up sharply from 4.7 trillion KRW ($3.2 Bit) at the end of October.
"The scale of digital asset trading is growing rapidly and is now comparable to the stock market. The government needs to be fully prepared to establish a safe trading environment, protect user rights, and ensure market stability," Representative Lim Gwang-hyun emphasized.
Additionally, data from Kaiko shows that Cryptocurrency trading volume on South Korean exchanges surged in November, with the majority of activity concentrated on Upbit. Upbit's market share increased from 43% to nearly 90% from September 2020 to May 2021 and has maintained this high level since then. Altcoins accounted for up to 88% of trading activity on Upbit.
However, the Cryptocurrency market in South Korea has experienced some volatility, particularly after the unexpected declaration of martial law by President Yoon Suk Yeol. Although the martial law has since been revoked, Cryptocurrency trading continues to face various legal barriers.
