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The number of crypto exchange users in South Korea has surpassed 16 million, gaining momentum following the election of U.S. President Donald Trump in November.
A report from March 30 by Yonhap, citing data provided to Cha Gyu-geun, a representative of the minor opposition Rebuilding Korea Party, revealed that more than 16 million people have crypto exchange accounts in a population of 51.7 million. This equates to over 30% of the population.
The data was sourced from the top five domestic virtual exchanges in South Korea: Upbit, Bithumb, Coinone, Korbit, and Gopax, with users holding multiple accounts counted only once.
Industry experts speculate that the number of crypto users could reach 20 million by the end of the year. An anonymous official noted.
“Some believe the crypto market has hit a saturation point, but it still holds immense growth potential compared to the established stock market.”
After Trump's election victory in November, crypto users surged by over 600,000 to 15.6 million, collectively holding 102.6 trillion South Korean won (approximately $70.3 billion) in crypto assets.
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Source: Yonhap News
As of March 2024, the number of crypto investors had exceeded 14 million, according to Yonhap.
In comparison, South Korea’s Securities Depository reported 14.1 million individual stock market investors as of December last year, according to Maeil Business Newspaper.
Public officials in South Korea have also been found to hold and invest in crypto. The country’s Ethics Commission for Government Officials disclosed on March 27 that 20% of surveyed public officials hold a total of 14.4 billion won ($9.8 million) in crypto, with 411 of the 2,047 officials required to disclose their holdings. The largest disclosed amount was 1.76 billion won ($1.2 million) owned by Seoul City Councilor Kim Hye-young.
On March 26, the Financial Intelligence Unit of the South Korean Financial Services Commission released a list of 22 unregistered platforms and 17 that were removed from the Google Play store.