Record Number of Crypto Exchange Users in South Korea

According to data provided by Representative Cha Gyu-geun of the minor opposition Rebuilding Korea Party, as of March 30, more than 16 million South Koreans had cryptocurrency exchange accounts, accounting for over 30% of the country’s total population of 51.7 million. This information was cited from Yonhap News Agency.

The data was collected from South Korea’s five largest cryptocurrency exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. Notably, individuals with multiple accounts were counted only once.

Industry experts predict that the number of crypto investors could reach 20 million by the end of the year. An anonymous official told Yonhap:
“Some believe that the cryptocurrency market has reached saturation, but compared to the well-established stock market, this sector still holds immense growth potential.”

Following Trump’s election victory in November last year, the number of cryptocurrency users surged by over 600,000, bringing the total to 15.6 million. Collectively, they held 102.6 trillion won (approximately $70.3 billion) in crypto assets.

Yonhap also reported that the number of crypto investors had exceeded 14 million as of March 2024. Meanwhile, according to data from the Korea Securities Depository, as of December last year, the number of individual investors in the stock market stood at just 14.1 million, as reported by the South Korean financial publication Maeil Business Newspaper.

Not only individual investors but also many South Korean government officials have been investing in cryptocurrencies. According to a March 27 report from the Ethics Commission for Government Officials, 20% of surveyed public officials (411 out of 2,047) collectively held 14.4 billion won (approximately $9.8 million) in crypto assets. The largest holding belonged to Seoul City Councilor Kim Hye-young, who disclosed ownership of 1.76 billion won ($1.2 million) in crypto.

Meanwhile, on March 26, the Financial Intelligence Unit under South Korea’s Financial Services Commission published a list of 22 unregistered cryptocurrency platforms and 17 platforms that had been blocked from the Google Play Store.