South Korea's crypto revolution: over 16 million users and growth potential despite regulatory concerns

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Anstieg der Krypto-Nutzer in Südkorea: Ein Blick auf den Boom der digitalen Währungen Südkorea hat kürzlich die Marke von 16 Millionen Krypto-Nutzern überschritten, was mehr als 30 % der Gesamtbevölkerung von 51,7 Millionen ausmacht. Dieser markante Anstieg der Nutzerzahlen folgte auf den Wahlsieg des US-Präsidenten Donald Trump im November letzten Jahres und führte zu einem Anstieg um mehr als 600.000 neue Krypto-Nutzer. Die registrierten Krypto-Börsenkonten stammen von den fünf größten virtuellen Plattformen des Landes: Upbit, Bithumb, Coinone, Korbit und Gopax. Diese Plattformen spielen eine entscheidende Rolle bei der Verbreitung von Kryptowährungen und deren Akzeptanz in der südkoreanischen Gesellschaft. Schnelles Wachstum …
The increase in crypto users in South Korea: A look at the boom of the digital currencies South Korea recently exceeded the 16 million crypto users' mark, which makes more than 30 % of the total population of 51.7 million. This striking increase in user numbers followed the election victory of US President Donald Trump in November last year and led to an increase of more than 600,000 new crypto users. The registered crypto exchange accounts come from the country's five largest virtual platforms: Upbit, Bithumb, Coinone, Korbit and Gopax. These platforms play a crucial role in spreading cryptocurrencies and their acceptance in South Korean society. Fast growth ... (Symbolbild/KNAT)

increase in crypto users in South Korea: A look at the boom of digital currencies

South Korea recently exceeded the 16 million crypto users' mark, which makes more than 30 % of the total population of 51.7 million. This striking increase in user numbers followed the election victory of US President Donald Trump in November last year and led to an increase of more than 600,000 new crypto users.

The registered crypto stock exchange accounts come from the five largest virtual platforms: Upbit, Bithumb, Coinone, Korbit and Gopax. These platforms play a crucial role in the spread of cryptocurrencies and their acceptance in South Korean society.

Fast growth of the cryptom market

According to data, which was submitted by the Rebuilding Korea Party from the South Korean MP Cha Gyu-Geun, the popularity of cryptocurrencies in South Korea increases rapidly. The number of crypto users rose to 15.6 million after Trump's election victory and reached the 14 million mark in March 2024. Experts in the industry speculate that the number of crypto users could even reach 20 million by the end of the year.

Some officials within the crypto industry believe that the market has reached a saturation point. Nevertheless, the potential for further growth is considered considerably, especially in comparison to the mature stock market. What is striking is that the value of the crypto assets in South Korea has now increased to more than 102 trillion South Korean WON (about $ 70.3 billion).

More crypto investors than stock investors

Surprisingly, the number of crypto investors in South Korea is now larger than the number of individual investors listed on the South Korean stock market, which was 14.1 million at the end of last year. This development underlines the dynamic growth of the cryptom market in the country.

Not only private individuals, but also government officials invest in cryptocurrencies. A report by the Ethics Commission for Government Officials shows that 20 % of the government officials in Crypto surveyed owned with a total value of 14.4 billion won (about $ 9.8 million). Particularly noteworthy is the city council of Seoul, Kim Hye-Young, which has invested 1.76 billion won (around $ 1.2 million) in cryptocurrencies.

concerns about regulation and security

Despite the growth, there are still concerns about regulating the cryptoma market. The South Korean financial service supervision (Financial Services Commission) recently identified 22 unregistered platforms and blocked 17 platforms in the Google Play Store to better regulate and clean up the sector. These measures are crucial to ensure the security of the users and to strengthen confidence in the cryptoma market.

Overall, the rapid development of the cryptom market in South Korea shows that digital currencies are increasingly becoming the focus of the public and investors. The strong number of users and the invested capital indicate a strong interest and a potential future for cryptocurrencies in this country.