According to reports, a substantial portion of the South Korean populace is investing in cryptocurrency.
The number of individuals who hold cryptocurrency on South Korean exchanges surpassed 15.59 million in November, according to Yonhap News Agency, which cited new central bank data provided by the office of Democratic Party Rep. Lim Kwang-hyun. This figure represents a 610,000 increase from 14.98 million in October.
Based on the number of investors who have accounts in the five most prominent domestic exchanges, including Upbit, Bithumb, Coin One, Cobit, and Gopax, the figures represent over 30% of the estimated 51.23 million residents of the East Asian nation.
According to the report, the increase in the number of crypto investors is likely due to market optimism in the wake of the election of US President-elect Donald Trump, who has pledged to provide support to the virtual asset industry.
The number of domestic crypto investors increased by approximately 100,000 per month, with totals of 14.74 million in July, 14.82 million in August, 4.88 million in September, and 14.98 million in October.
As of November, total cryptocurrency holdings were 102.6 trillion won ($69.768 billion), up from 586 trillion won ($398.48 billion) in July. The average daily transaction value also skyrocketed, rising from 2.9 trillion won ($1.972 billion) in July to 14.9 trillion won ($10.132 billion) in November.
Lim asserts that the volume of crypto asset transactions is rapidly approaching a level that is comparable to the stock market.
“All governments must take the necessary steps to provide a more secure virtual asset market and to build up a reliable market transaction that safeguards user rights and interests.”
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