The variety of digital asset traders in South Korea has surged considerably towards the top of 2024. For the primary time, South Korea compiled detailed statistics from its 5 main cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax).
This growth would possibly push the federal government to create a safe buying and selling atmosphere, shield traders’ rights, and guarantee market stability.
Document-Breaking 15.59 Million Crypto Traders in South Korea
In accordance with Yonhap Information Company, Consultant Lim Gwang-hyun of South Korea’s Democratic Get together (a member of the Nationwide Meeting’s Finance and Planning Committee) disclosed knowledge from the Financial institution of Korea. The information reveals that as of late November, the variety of home digital asset traders reached 15.59 million, a rise of 610,000 in comparison with late October. This determine accounts for 30% of South Korea’s whole inhabitants (roughly 51.23 million).
In November, the typical every day buying and selling quantity on South Korea’s digital asset exchanges reached 14.9 trillion KRW (roughly $10.5 billion), almost matching the mixed buying and selling worth of the KOSPI inventory market (9.92 trillion KRW) and KOSDAQ (6.97 trillion KRW).
By the top of November, the entire worth of digital belongings held by South Korean traders reached 102.6 trillion KRW (roughly $70.3 billion), a major improve from 58 trillion KRW ($39.7 billion) in October.
Deposits—funds not but invested and held on exchanges—reached 8.8 trillion KRW ($6.03 billion) by the top of November, up sharply from 4.7 trillion KRW ($3.2 billion) in late October.
“The scale of digital asset trading is growing rapidly and is now comparable to the stock market. The government must fully prepare to establish a safe trading environment, protect users’ rights, and ensure market stability,” Consultant Lim Gwang-hyun emphasised.
Moreover, knowledge from Kaiko signifies that cryptocurrency buying and selling volumes on South Korean exchanges soared in November, with nearly all of exercise focused on Upbit. Upbit’s market share skyrocketed from 43% to just about 90% between September 2020 and Might 2021, and it has maintained excessive ranges since then. Altcoins account for 88% of buying and selling exercise on Upbit.
Nonetheless, South Korea’s crypto market nonetheless experiences some turbulence, particularly after President Yoon Suk Yeol’s surprising declaration of martial regulation. Though martial regulation was revoked afterward, crypto buying and selling continues to face quite a few regulatory hurdles.
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