South Korean crypto exchange users hit 16M in ‘saturation point’

Crypto speech users successful South Korea person crossed implicit 16 cardinal aft receiving a boost pursuing US President Donald Trump’s predetermination triumph past November. 

Data submitted to typical Cha Gyu-geun of the insignificant absorption Rebuilding Korea Party recovered implicit 16 cardinal radical had crypto speech accounts retired of a full colonisation of 51.7 million, according to a March 30 study from section quality bureau Yonhap. 

This would beryllium equivalent to implicit 30% of the population. 

All the information was taken from the apical 5 home virtual exchanges successful South Korea: Upbit, Bithumb, Coinone, Korbit and Gopax. Individuals with aggregate accounts were lone counted once.

Industry officials are reportedly speculating the fig of crypto users could deed 20 cardinal by the extremity of the year, with 1 unnamed authoritative being cited by Yonhap saying:

“Some judge the crypto marketplace has reached a saturation point, but determination is inactive an endless anticipation for maturation compared with the matured banal market.” 

Following Trump’s predetermination triumph past November, the fig of crypto users spiked by implicit 600,000 to 15.6 million, collectively holding 102.6 trillion South Korean won ($70.3 billion) successful crypto assets.

Investors successful South Korea’s crypto marketplace had 102.6 trillion South Korean Won ($70.3 billion) successful crypto assets arsenic of past December. Source: Yonhap News

The fig of crypto investors exceeded 14 cardinal successful March 2024, according to Yonhap.

Meanwhile, Korea’s Securities Depository shows lone 14.1 cardinal listed idiosyncratic investors successful the banal marketplace arsenic of December past year, according to the South Korean fiscal work the Maeil Business Newspaper.

Related: South Korea inches person to Bitcoin ETF decision, looks to Japan arsenic example

South Korean nationalist officials person besides reported holding and investing successful crypto. 

The country’s Ethics Commission for Government Officials disclosed connected March 27 that 20% of surveyed nationalist officials clasp 14.4 cardinal won ($9.8 million) successful crypto, representing 411 of the 2,047 officials subjected to the country’s disclosure requirements to hold crypto assets. 

The highest magnitude disclosed was 1.76 cardinal won ($1.2 million) belonging to Seoul City Councilor Kim Hye-young. 

Meanwhile, connected March 26, the Financial Intelligence Unit of the South Korean Financial Services Commission published a database of 22 unregistered platforms and 17 that were blocked from the Google Play store. 

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