South Korea has reached an important level in cryptocurrency usage, with over 30% of the population investing in digital assets. By the end of 2024, there will be a total of 15.59 million cryptocurrency investors in the country, setting a historical record.

This growth indicates the significance of cryptocurrency in South Korea's financial system. In November, the daily trading volume of cryptocurrencies reached $10.5 billion, surpassing the total trading volume of the KOSPI and KOSDAQ stock markets.

Information from the country's five largest cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—shows that digital currencies are becoming increasingly important.

This rapid growth has prompted the South Korean government to improve the trading environment, protect investors' rights, and stabilize the market.

Lin Guangxuan, a representative of the South Korean National Assembly's Financial Planning Commission, reported that the Bank of Korea has noticed a significant increase in the number of cryptocurrency investors. About 15.59 million investors account for approximately 30% of South Korea's 51.23 million population.

In just one month, from October to November, the number of investors increased significantly by 610,000. The total value of digital assets held by these investors rose from $39.7 billion (58 trillion won) in October to $70.3 billion (102.6 trillion won) by the end of November.

Most transactions are conducted through altcoins, accounting for 88% of the trades, with the largest exchange, Upbit, holding a 90% market share. Despite such strong growth, challenges remain, such as unclear regulations and market volatility, with past political issues exacerbating the situation.

As cryptocurrency trading grows like traditional stock markets, policymakers feel greater pressure to establish effective regulations and protect investors, indicating that digital assets could transform South Korea's financial system.