With over thirty percent of the population investing in digital assets, South Korea’s acceptance of cryptocurrencies marks hitherto unheard-of heights. November recorded 15.6 million South Koreans as cryptocurrency investors, a notable rise of 610,000 from the previous month.
Collected from the five main South Korean exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—the data shows the explosive expansion of the digital asset sector. The first public release of such comprehensive data underscores the increasing significance of cryptocurrencies in the national financial landscape.
In November, daily trading volumes on these systems averaged 14.9 trillion won ($10.5 billion), almost equal to the combined trading volume of the main stock indices, KOSPI and KOSDAQ. At the end of November, the total value of digital assets owned by South Korean investors had reached an amazing 102.6 trillion won ($70.3 billion), representing a 76.9% rise over the previous month.
Furthermore, indicating ongoing interest in cryptocurrencies, deposits on exchanges—money ready for investment—rose dramatically to 8.8 trillion won ($6.03 billion). Good market conditions and increased investor optimism help explain this fast expansion.
As the bitcoin market grows, its expanding scope poses a growing challenge to established financial markets. As South Korea confirms its leadership in the world in the adoption of digital assets, policymakers are being advised to carry out policies meant to improve market stability, defend investors’ rights, and guarantee a safe trading environment.
