David Edwards
According to data from the Bank of Korea, over 15.59 million people, or more than 30% of the population, are currently investing in digital assets, making South Korea a global center for cryptocurrency adoption. As of November 2024, the country’s entire cryptocurrency assets were valued at over $79 billion, making this a notable milestone.
Exponential Increase in Market Activity and Participants
Between October and November 2024, the number of South Korean cryptocurrency investors increased by 610,000, indicating a dramatic increase in investor interest driven by market optimism and changes in the global economy. Additionally, the average assets per investor experienced a sharp rise, going from 3.41 to 3.87 million won to 6.58 million won by November.
With daily cryptocurrency transaction volumes on local exchanges reaching 14.9 trillion won in November—more than the combined trading volumes of the KOSPI and KOSDAQ stock markets—trading activity has escalated to previously unheard-of heights.
Increased Deposits Showing Investor Confidence
By the end of November, uninvested exchange deposits had nearly doubled from 4.9 trillion won in July to 8.8 trillion won. With significant inflows reported by South Korea’s leading exchanges, Upbit, Bithumb, Coinone, Korbit, and GOPAX, this dramatic rise in deposits highlights the growing trust in the cryptocurrency industry.
Experts and legislators stress the necessity of regulatory frameworks to maintain market stability and safeguard investors in spite of the remarkable expansion. Democratic Party Representative Lim Hyun has advocated for proactive steps to protect the rising virtual asset market, especially given its increasing integration into the larger financial system
