South Korea hits 15M crypto users amid rapid growth

South Korea has experienced a dramatic increase in cryptocurrency adoption, with the number of users rising by 610,000 in November, reaching a total of 15.59 million users.

This figure means that over 30% of South Korea’s population, estimated at 51.23 million, now owns digital assets.

The surge in adoption aligns with a post-election rally in the cryptocurrency market, fueled by Donald Trump’s victory in the U.S. presidential race.

South Korean users are reportedly optimistic about a more favorable regulatory environment with the Republican administration set to take office in January 2025.

Prior to November’s spike, South Korea’s crypto user base had been steadily growing, increasing by an average of 100,000 users per month since July.

Data from the Bank of Korea, shared with lawmaker Lim Gwang-hyun, reflects user activity across the country’s top five cryptocurrency exchanges.

The report noted that the figures include instances where individuals hold multiple exchange accounts.

“The virtual asset transaction volume is rapidly increasing to a level comparable to that of the stock market. We need to establish sound market transactions to enhance stability and protect user rights.” – Lim Gwang-hyun

The Bank of Korea’s report, issued under the Virtual Asset User Protection Act, revealed that South Koreans collectively held $73.28 billion (102.6 trillion won) in digital assets by the end of November.

This represents a substantial increase from $39.6 billion held at the end of October, underscoring the rapid growth in crypto investments.

Daily cryptocurrency transaction volume also saw a massive rise, jumping from $2.4 billion in October to $10.6 billion in November.

The average value of digital assets held per person reached $4,700 in November, up significantly from the $2,730 average observed between July and October.

Deposit sizes also increased sharply, rising from $3.4 billion during the July-October period to $6.2 billion by the end of November.