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South Korea’s crypto user base surged to 15.59 million in November, surpassing 30% of the population.
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South Korean crypto holders reportedly increased in November as Donald Trump won the United States elections.
On Dec. 25, South Korean media outlet Yonhap News reported that in November, the number of users in the country increased by 610,000. Representative Lim Kwang-Hyun of the Democratic Party of Korea (DPK) shared data showing that the number of digital asset investors in the country by the end of November totaled 15.59 million.
South Korea has 51.71 million people. Because of this, the 15.59 million crypto holders in the country represent over 30% of the entire country. Yonhap said this is the number of investors in five major Korean exchanges, including Upbit, Bithumb, Coinone, Korbit and Gopax.
Over 30% of South Koreans hold crypto
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. The outlet also said this was the first time statistical data related to crypto was released.
The current status of South Korea’s digital asset market. Source: Yonhap News
Apart from the number of users, the data also showed that South Koreans hold about 102.6 trillion Korean won, worth $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.
Related: South Korean prosecutors seek 6 months for lawmaker who allegedly hid crypto
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 US elections in November.
On Nov. 6, Trump got Trump won the 2024 US Presidential Election. Many believe that Trump’s victory will eliminate the “anti-Bitcoin” movement in the US. Community members anticipate that there will be changes in how 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 after the Trump win.
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This article first appeared at Cointelegraph.com News
