South Korea’s cryptocurrency investor growth reaches 15.6 million, reflecting rising market participation and transaction volumes.
South Korea’s cryptocurrency investor growth reaches 15.6 million, reflecting rising market participation and transaction volumes.
South Korea’s cryptocurrency market has seen significant growth, with investor numbers reaching 15.59 million in November, a rise of 610,000 from the previous month. This sharp increase highlights the growing interest in digital currencies, with approximately 30% of the nation’s population now involved in crypto.
According to data released by the Bank of Korea (BOK) and shared by Rep. Lim Kwang-hyun of the Democratic Party of Korea, the total value of cryptocurrencies held by Korean investors has soared to 102.6 trillion won.
This surge in crypto participation follows a steady upward trend since July, with an average of 100,000 new investors joining each month. The increase in investor numbers also correlates with a broader market optimism, particularly after the 2020 U.S. presidential election, when Bitcoin prices reached new heights. This momentum continues to drive interest in cryptocurrencies, with many seeking to capitalize on the volatile yet potentially lucrative market.
The BOK’s report marks the first time the central bank has provided detailed statistics on cryptocurrency investors. It reflects data from major domestic exchanges such as Upbit, Bithumb, Coinone, Korbit, and GOPAX.
While these figures provide valuable insight into the growing market, they may include duplication, as individuals often hold multiple accounts across different platforms. Another key highlight of the report is the increase in cryptocurrency transaction volumes, which now rival the combined daily trading volumes of South Korea’s domestic stock market.
In November, daily crypto transactions averaged 14.9 trillion won (approximately $10.2 billion), closely matching the combined volume of the KOSPI and Kosdaq indices, which stood at 9.9 trillion won and 6.9 trillion won, respectively. South Korean cryptocurrency holdings surged 76.9% last month, reaching 102.6 trillion won. Deposits awaiting investment also rose to 8.8 trillion won, signaling growing market confidence.
The investor numbers and transaction volumes surge underscores the need for greater regulatory oversight. “The scale of cryptocurrency trading is expanding rapidly,” noted Rep. Lim. “We must take comprehensive measures to enhance market stability and protect investors’ rights.”
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