More Than 30% of South Korean Users Own Crypto
There was an increase in the number of cryptocurrency users in South Korea in November, following the success of Donald Trump in the US presidential election.
According to a report from Yonhap News on December 25, the number of crypto users in South Korea grew by 610,000 in November. This data was shared by Representative Lim Kwang-Hyun of the Democratic Party of Korea and indicated that by the end of November, there were a total of 15.6 million digital asset investors in the country.
This represents over 30% of the country’s population of 51.7 million. Yonhap noted that the data was based on the number of investors on five major Korean exchanges – Upbit, Bithumb, Coinone, Korbit, and Gopax.
The rise in the number of crypto holders in South Korea coincides with the implementation of the Virtual Asset User Protection Act by the Financial Services Commission on July 19. The new regulations require virtual asset service providers to prioritize the protection of users’ crypto assets.
Yonhap explained that the data was collected and released as a result of these new regulations and it marks the first time that statistical data related to crypto has been publicly released in the country.
