In the first half of 2024, South Korea’s cryptocurrency market experienced remarkable growth, with 7.8 million investors and daily trading volumes increasing by 67% to $4.4 billion.
This expansion, driven by a rally in Bitcoin prices and heightened investor interest, marks a 21% rise in the number of crypto investors from 6.45 million in late 2023, according to the Financial Intelligence Unit of the Financial Services Commission, as reported by Hankook Ilbo. Market capitalization reached approximately $40 billion, reflecting a 27% increase, bolstered by Bitcoin prices surpassing $73,000.
Demographically, male investors in their 30s represent the largest group, totaling 1.58 million, followed closely by those in their 40s at 1.5 million, and under-30s at 1.08 million. Notably, 68% of investors are male, with 67% holding crypto worth less than $375, while about 10% maintain portfolios over $7,500. A mere 1.3% possess assets exceeding $75,000.
In response to this market boom, South Korea plans to tighten regulations, introducing measures for enhanced oversight of trading activities. The government is considering requiring firms involved in cross-border crypto trading to register with authorities and report monthly transactions to the Bank of Korea, the nation’s central bank.
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