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South Korea
Cryptocurrency information about South Korea
How many crypto owners in South Korea?
It is estimated that over 1.9 million people, 3.8% of South Korea’s total population, currently own cryptocurrency.(1)
South Korea – Asia’s crypto hub?
Bitcoin peer-to-peer trading activity in South Korea reached record highs of $218 million Korean Won in 2019. In addition, South Korea is home to crypto exchange giants like Upbit, BitHumb and CoinOne.(2)
Are South Koreans open to crypto?
The average South Korean trader increased their crypto holdings by 64.2% in 2018, investing more than $6000 on average, a two-fold increase from the last survey.(3)
Cryptocurrencies are popular investments among South Korea’s young generation who see them as a path to prosperity in a context of persistently high unemployment. South Korea has long been an early adopter of new technology, and the culture is such that people are quick to embrace new technological innovations and opportunities. Cryptocurrencies are stateless investments that appeal to South Korean investors wary of the political climate and their proximity to the threat posed by North Korea.
“For young Koreans, cryptocurrency seems like a rare shot at prosperity,” an article on the online publication The Verge states. The same article quotes a 20-something journalist who opines that cryptocurrency investments are also a means for a largely homogenous and well-educated workforce to distinguish themselves from peers.(4)
Crypto’s rising popularity in South Korea
- Coindesk: Young Koreans Turning to Crypto – April 2021
Young South Koreans are reportedly turning to cryptocurrencies as a means of generating wealth in greater numbers , much to the chagrin of their employers. Many of South Korea’s young workers aged in their 20s and 30s are leaving their average paying jobs to explore crypto day trading, according to a report by local news outlet The Chosun Ilbo on Tuesday. Their goal is to escape poverty and amass enough wealth to buy a home, a dream many young people worldwide feel is out of reach. - Cointelegraph: South Korea reportedly set to approve cryptocurrency-focused fund – April 2021
The Naver News service in South Korea has reported that the country’s Financial Supervisory Service, or FSS, is set to approve a crypto-related fund application by Hanwha Asset Management, a subsidiary of South Korea’s insurance giant Hanwha Life Insurance. Quoting an official from the Korean Financial Investment Association, the report states that the FSS approval could arrive as early as Sunday. - Cointelegraph: South Korea’s digital won begins final phase next year… – October 2020
Distribution is the third and final phase of the program and would seem to be on schedule with the roadmap presented at the scheme’s launch. - Cointelegraph: Four of the top five South Korean banks to offer crypto… – August 2020
The banks, holding a combined value of more than $1.2 trillion in assets, are now poised to introduce crypto services. - Dailyalts: This popular Korean beach will accept crypto payments… – July 2020
Crypto-loaded tourists can now spend it at the beaches of South Korea. - Bitcoin.com: South Korea passes bill to regulate cryptocurrency… – March 2020
The passing of the amendment signifies the official entry of cryptocurrency trading and holding into the legal system for South Korea. - Coindesk: South Korea declares ‘regulation-free’ zone for crypto… – August 2019
Busan has been declared a “regulation-free” zone for blockchain development, a move formalized as part of a larger liberalization push.
1. https://triple-a.io/crypto-ownership/
2. https://coin.dance/volume/localbitcoins/KRW & https://btiverified.com/south-korean-exchange-markets-review/
3. https://news.bitcoin.com/survey-shows-south-koreans-increased-crypto-holdings-by-64-last-year/
4. https://www.investopedia.com/news/why-cryptocurrency-trading-popular-south-korea-0/
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