The cryptocurrency market in South Korea has increased to nearly 108 won billions ($ 77.5 billion) to the second half of last year, fueled by retail growth, with 20% of the population of the country now negotiating digital assets. Investors in the thirties led to the charge, highlighting the appeal of assets to younger and risk tolerant investors.
According to data published Tuesday by the Financial Intelligence Unit (FIU) within the framework of the Financial Services Commission, the country’s cryptocurrency market almost doubled, against 56.5 billions of Wagues in June 2024 in the midst of optimism compared to a change in user-friendly American policy for President Donald Trump.
During the same period, the daily volume of average cryptography increased by 22% to 7.3 billions of Wons, while deposits in Korean currency in interior exchanges have more than doubled at 10.7 Billions of Wons.
Pushed by the volume of balloon trading, the combined operating profit of the country’s virtual asset service providers increased by 28% to 741.5 billion won.
At the end of 2024, the number of users verified eligible for the exchange of digital assets reached 9.7 million, up 25% compared to the middle of the year. This means that a in five Korean exchange of cryptocurrencies.
Investors in the thirties represented the largest group with 29%, followed by those of quarantine at 27%, from under 20 to 19%, from the 1950s to 18%and 60 at 7%.
Despite rapid growth, most investors have occupied relatively low positions, 66% of users with less than 500,000 have gained crypto.
The share of investors with more than 10 million won in cryptocurrencies increased by 2 percentage points to 12%, while 2.3% of users had portfolios greater than 100 million wons, indicating a progressive wealth concentration.
While the performance of the Korean market based in Won was solid, the trading of coins trading was strongly contracted, the daily daily volume plunging from 81% to 160 million won.
There are two types of cryptographic markets in Korea – the Won -based Korean market, where investors with traditional bank accounts recorded with the country’s cryptography exchanges in the country are allowed to exchange digital currencies with a fiduciary money, and the coin market, where users exchange digital parts directly without Fiat.
The part of the room has displayed an operating loss of 12.6 billion won, a contrast that is striking with the gains observed in transactions based on Fiat.
Portfolio -based childcare services have also experienced a clear retirement. Total active ingredients in custody by portfolio suppliers dropped by 89% to 1.5 Billion of Wons, while the number of users dropped by 99% to only 1,300.
At the end of 2024, Korea had 25 market operators of virtual assets recorded – 17 Crypto exchanges and eight portfolio suppliers, according to the financial regulator.
Write to Mid-hyun Jo at mwise@hankyung.com
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