The number of digital asset investors in South Korea surged significantly by the end of 2024. For the first time, South Korea has compiled detailed statistics from its five largest Cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax).
This trend could encourage the government to create a safe trading environment, protect investor rights, and ensure market stability.
Record: 15.59 million Cryptocurrency Investors in South Korea
According to the Yonhap News Agency, Representative Lim Gwang-hyun of the Democratic Party of Korea (a member of the National Assembly's Finance and Planning Committee) revealed data from the Bank of Korea. The figures show that by the end of November, the number of domestic digital asset investors reached 15.59 million, an increase of 610K compared to the end of October. This number represents about 30% of South Korea's total population (approximately 51.23 million).
In November, the average daily trading volume on digital asset exchanges in South Korea reached 14.9 trillion KRW (approximately 10.5 billion USD), nearly matching the combined trading value of the KOSPI stock market (9.92 trillion KRW) and KOSDAQ (6.97 trillion KRW).
By the end of November, the total value of digital assets held by South Korean investors was 102.6 trillion KRW (approximately 70.3 billion USD), a significant increase from 58 trillion KRW (39.7 billion USD) in October.
Deposits—uninvested funds held on exchanges—reached 8.8 trillion KRW (6.03 billion USD) by the end of November, a sharp increase from 4.7 trillion KRW (3.2 billion USD) at the end of October.
"The scale of digital asset trading is growing rapidly and is now comparable to the stock market. The government must be fully prepared to establish a safe trading environment, protect user rights, and ensure market stability," emphasized Representative Lim Gwang-hyun.
Crypto Investment Trends in South Korea (2024). Source: YNA
Additionally, data from Kaiko shows that trading volume for Cryptocurrency on South Korean exchanges surged in November, with most activity concentrated on Upbit. Upbit's market share increased from 43% to nearly 90% from September 2020 to May 2021 and has maintained this high level since then. Altcoins accounted for up to 88% of trading activity on Upbit.
Trading Volume on South Korean Exchanges. Source: Kaiko
However, South Korea's Cryptocurrency market still experienced some volatility, especially following President Yoon Suk Yeol's unexpected declaration of martial law. Although the martial law was later lifted, Cryptocurrency trading continues to face many legal barriers.