Report: 185+ Young South Koreans Own $750K+ in Digital Assets

A recent report from South Korean crypto exchanges Upbit and Bithumb reveals that over 185 South Koreans in their 20s hold upwards of $750,000 each in digital assets. This data, submitted to Democratic Party Representative Ahn Do-gul through the Financial Supervisory Service and reported by Maeil Business Newspaper on Oct. 3, provides insight into the demographic breakdown of crypto holdings within the country.

The report specifies that by the close of 2023, a total of 3,759 South Koreans possessed crypto portfolios exceeding ₩1 billion ($750,000), with investors in their 20s ranking as the third-largest group. Collectively, these young investors’ crypto portfolios are valued at approximately ₩967.2 billion ($716 million), with an average of ₩5.23 billion ($3.91 million) per individual in this age group. Industry sources suggest this concentration of wealth may be due to young investors either channeling family funds into crypto or making early, profitable investments in high-yield altcoins.

In comparison, South Koreans in their 40s account for the largest demographic with substantial crypto assets, with 1,297 individuals holding an average of ₩9.29 billion ($6.95 million) per account. However, those in their 50s top the list in terms of total crypto reserves, collectively holding ₩13.82 trillion ($10.34 billion), averaging ₩14.86 billion ($11.11 million) per person.

Stricter Regulations in South Korea’s Crypto Sector

Ahn Do-gul commented on the significant presence of crypto within the country, noting that the government must implement systematic measures to enhance transparency in cryptocurrency management. Despite the asset class’s rising popularity, regulatory authorities in South Korea maintain a cautious stance. Recently, local exchanges have faced new oversight fees, with an added mandate to store 80% of their digital assets in cold storage for security.

In a further regulatory move, the South Korean Ministry of Economy and Finance proposed a 20% capital gains tax on crypto holdings exceeding a ₩2.5 million ($1,800) threshold. Although this tax was initially set to take effect earlier, implementation has been postponed until 2028.

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