South Korea sees 610K new crypto investors in November

South Korea has seen a substantial increase in cryptocurrency adoption, with over 610,000 new investors joining the market in November 2024.

This brings the total number of crypto holders in the country to more than 15.5 million, which accounts for approximately 30% of the population.

The rise in investor participation is part of a broader trend in which South Korea’s crypto market nearly doubled in value, reaching 102.6 trillion KRW (about $69 billion) by the end of November.

This represents a sharp increase from 58 trillion KRW ($39 billion) just a month earlier.

Average crypto holdings per person also grew significantly, rising from 3.87 million KRW ($2,655) in October to 6.58 million KRW ($4,400) in November.

The growing interest in digital assets comes amid heightened market activity sparked by pro-crypto policy announcements from US President-elect Donald Trump.

This development contributed to increased optimism among investors in the country.

The surge in crypto investments is mirrored by a rise in trading volumes, which averaged $10.2 billion daily in November, approaching the combined volume of South Korea’s main stock markets.

“The virtual asset transaction volume is rapidly increasing to a level comparable to that of the stock market. We need to make thorough preparations at the government-wide level to establish sound market transactions that enhance the stability of the virtual asset market and protect the rights and interests of users,” Rep. Lim Gwang-Hyun remarked.

While the rapid growth in crypto adoption presents opportunities, it also highlights the need for more robust regulatory measures to ensure market stability.

However, South Korea’s cryptocurrency tax, which was initially set for 2022, has been delayed yet again.

The new implementation date is now set for 2027, after the third delay since the policy was first introduced.