More than 30% of South Korea's population, equivalent to 15.6 million people, hold cryptocurrency as of the end of November, with a total value reaching 70.3 billion USD.
On November 25, according to data published for the first time in South Korea, the number of cryptocurrency holders in the country surged in November, reaching 15.6 million people, accounting for more than 30% of a total population of 51.7 million. The total value of digital assets held is estimated to reach 102.6 trillion won (equivalent to 70.3 billion USD).
The data was presented by Lim Kwang-Hyun, a representative from the Democratic Party of Korea, based on information from the five largest cryptocurrency exchanges in South Korea, including Upbit, Bithumb, Coinone, Korbit, and Gopax.
The current situation of the digital asset market in South Korea. Source: Yonhap News
This event coincided with Mr. Donald Trump's victory in the US presidential election, raising speculation about the relationship between the two events.
This is the first time official statistics on the cryptocurrency market have been published in South Korea following the implementation of the Virtual Asset User Protection Act by the Financial Services Commission (FSC) effective from July 19. This law requires virtual asset service providers to comply with strict regulations regarding the protection of users' assets.
The publication of data shows the significant scale of the cryptocurrency market in South Korea, while raising questions about its potential impact on the economy. Yonhap News, the news agency reporting on this event, noted that the trading volume of digital assets is increasingly competing with the domestic stock market.
The relationship between the surge in the number of cryptocurrency investors in South Korea and the results of the US presidential election is believed to stem from the community's expectations of a policy change towards cryptocurrency under the new administration. Mr. Trump's victory is seen by some as a positive signal for the development of the cryptocurrency market, leading to optimism and increased investment in this sector in South Korea.