South Korea’s crypto market experienced substantial growth in the first half of 2024, with 7.8 million investors and daily trading volumes increasing by 67% to $4.4 billion.

Significant Expansion in South Korea’s Crypto Market

The South Korean crypto market has seen a significant expansion in early 2024, driven by a surge in Bitcoin prices and growing investor interest. The number of crypto investors in South Korea increased to 7.8 million, up 21% from 6.45 million in the latter half of 2023. This data comes from the Financial Intelligence Unit of the Financial Services Commission.

Rising Trading Volumes and Market Capitalization

Daily trading volumes soared, climbing 67% to $4.4 billion, while the market capitalization reached around $40 billion, reflecting a 27% increase. This surge appears to be fueled by Bitcoin’s recent rally, with prices surpassing $73,000, reigniting interest in cryptocurrencies.

Demographic Insights

Demographically, male investors in their 30s make up the largest segment, totaling 1.58 million, followed by those in their 40s (1.5 million) and under 30 (1.08 million). Male investors represent 68% of the overall market. Additionally, 67% of investors hold crypto worth less than $375, while approximately 10% maintain portfolios exceeding $7,500. Only 1.3% possess assets over $75,000.

Regulatory Response

In response to these market dynamics, South Korea plans to tighten regulations, introducing measures for enhanced oversight of trading activities. The government is considering regulations that would require firms engaged in cross-border crypto trading to register with authorities and report their monthly transaction details to the Bank of Korea, the nation’s central bank.

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