One in three Koreans now own crypto, Bank of Korea says

A new report shows that more than 30% of South Korea’s population holds cryptocurrencies, and investors now hold over 100 trillion won in assets.

Based on data shared by Democratic Party lawmaker Lim Kwang-hyun, Yonhap News Agency reported that South Korea’s crypto market is growing rapidly and the number of investors reached 15.59 million at the end of November.

The latest figure shows an increase of 610,000 investors from the previous month, likely fueled by optimism following Donald Trump’s presidential election victory.

According to the data, the total value of cryptocurrencies held by South Korean investors reached a record high of 102.6 trillion won (about $78 billion) in November, from 58 trillion won in July. Although the data does not indicate which cryptocurrencies are most popular among investors, the average amount held by each investor rose to 6.58 million won, a large increase from previous months.

In terms of trading activity, daily trading volume on South Korea’s five largest crypto exchanges (Upbit, Bithumb, Coinone, Korbit, and GoPax) reached nearly 15 trillion won in November, nearly matching the daily trading volume of the country’s exchanges.

But some warn that the market is growing too fast. Lawmaker Lim Kwang-hyun asked the government to ensure that the crypto market remains stable and protect consumers from possible risks. However, it is not yet known what steps the authorities will take in the near future.