Over 30% of South Koreans invest in crypto assets

South Korean crypto holders reportedly increased in November after Donald Trump won the United States presidential election. 

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On Dec. 25, South Korean media outlet Yonhap News reported that in November, the number of crypto users in the country increased by 610,000. Representative Lim Kwang-Hyun of the Democratic Party of Korea shared data showing that digital asset investors in the country at the end of November totaled 15.6 million.

South Korea has a population of 51.7 million, so the 15.6 million crypto holders represent over 30% of its people. Yonhap said this was the number of investors in five major Korean exchanges, including Upbit, Bithumb, Coinone, Korbit and Gopax. 

Over 30% of South Koreans hold crypto

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On July 19, the Virtual Asset User Protection Act from the country’s Financial Services Commission (FSC) came into effect. With the new regulations, virtual asset service providers must ensure users’ crypto assets are protected. 

Yonhap said the data was collected and released following the country’s new regulations on crypto exchanges. It also said this was the first time statistical data related to crypto had been released.

Apart from the number of users, the data also showed that South Koreans hold about 102.6 trillion Korean won ($70.3 billion) in crypto assets. The media outlet said the country’s transaction volume for crypto assets is already threatening the local stock market. 

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Trump’s win attracted more crypto investors in South Korea

According to Yonhap, the increase in users can be attributed to the results of the November US elections. 

On Nov. 5, Trump won the US presidential election. Many say Trump’s victory will help reverse an “anti-Bitcoin” sentiment in the US and bring positive changes to the way the country approaches crypto. 

This narrative has also reached the crypto community in South Korea. Yonhap said that the increase in crypto users in South Korea may be fueled by hopes of more favorable regulations for the crypto space following the Trump win. 

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