South Koreans are cryptographic assets banging around $ 73.4 billion on national cryptography exchanges, said the country’s central bank.
Busan Ilbo said that the total market capitalization of the crypto held in national portfolios had exceeded the brand earned 100 billions (70.5 billion dollars) for the first time in December 2024, according to data from the Korean Bank (BOK).
Koreans start to co -minute billions of dollars on interior platforms
The BOK has published the data in its latest payment payment report. This, noted the media, is the largest monthly total since the BOK began to publish data related to cryptography.
Experts seem to agree that the election of Donald Trump at the White House in November 2024 sparked a wave of cryptographic purchases in South Korea.
The December figure increased by 987 million compared to November. At the end of October of last year, weeks before the United States’s presidential election, the South Koreans removed “only 58 billions of Billion ($ 41 billion)”.
The X2.2 increase in the two months from October to December 2024 is largely due to the “promises of manifesto linked to President Trump,” added the point of sale.
Transaction volumes also increased after the elections, the BOK noted. The average daily transaction volume reached the 17.2 Billions of Won (12.1 billion dollars) in the last days of 2024. This marked an increase of five times the volume figures of October.
Trump is not the only factor stimulating growth, says Bok
However, the bank suggested that the interior conditions have also proved to be conducive to the growth of the cryptographic market at the end of 2024.
The BOK report noted that the user protection law of virtual assets, a law which includes several clauses relating to the protection of cryptographic users and unfair negotiation, entered into force in July.
Legislators had to start working on “second floor” discussions to improve the law in November the same year.
In the end, this process was largely derailed by the political chaos which followed after the attempt of President Yoon Suk-Yeol to impose martial law on December 3.
However, regulators and legislators have promised to return to the issue of reform of the cryptographic sector after the June presidential elections.
And the BOK suggested that it also expects progress in this area before the end of the year.
Many industry initiates have expressed their dismay because the South Korean companies are still unable to launch cryptocurrency or stablecoins on the domestic market.
Companies are also still prevented from using their balance sheets to buy Bitcoin (BTC) and other tokens. However, the regulators indicated that this is likely to change before the end of the year.
Critics claim that the delay has enabled the American and Japanese cryptography sectors to grow while the South Korea blockchain industry is stagnating.
Upcoming stabbed regulations
The BOK report suggests that regulatory obstacles should be deleted in the coming months.
The bank wrote that a Stablecoin regulatory “system” was probably on the way. But the Bok expressed its concerns about the rise of stablecoins, writing:
“Unlike conventional virtual assets, stages are the characteristics inherent in a means of payment. If they are widely issued and disseminated and used as a means of payment to replace the legal, they can have negative effects on the implementation of central bank policies. A monetary policy, financial stability, payments and establishments could all be affected. A separate regulatory ecosystem is necessary. ” ».
The bank promised to “actively participate in future discussions on the legislation on stablescoin”.
He said he intended to file the virtual asset committee, a regulatory advisory body designed to form a South Korean cryptography policy.
The BOK said that it would provide the “Opinions on the Directorate of Stablescoin Regulation from the point of view of a central bank”.
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