South Korea is experiencing a surge in cryptocurrency adoption, with more than 15,5 million citizens, or roughly 30% of the country's population, now owning digital assets.
By November 2024, the number of crypto investors had increased by 610,000 compared to October of the same year. This is believed to have been influenced by Donald Trump's campaign statements and subsequent victory.
The Bank of Korea's latest report notes that total crypto assets in South Korea reached KRW 102,6 trillion (equivalent to $69 billion) by the end of November, nearly double the KRW 58 trillion (equivalent to $39 billion) in the previous month.
Average crypto assets per person also increased significantly, rising from KRW 3,87 million, or $2655, in October to KRW 6,58 million ($4400) in November. Trading volume also increased significantly, reaching daily averages of $10,2 billion in November, comparable to major South Korean stock markets.
The accelerating pace of cryptocurrency adoption in South Korea is certainly due to favorable market conditions, including the abolition of the promised cryptocurrency tax, which the Democratic Party announced would not be imposed until 2027.
This is the third delay since the initiative was introduced in 2021, with the initial implementation deadline set for January 2022.
