One in Three South Koreans Now Invest in Crypto, Central Bank Reports

Roughly one-third of South Korea’s population now invests in cryptocurrencies, according to the latest figures from the Bank of Korea. As of November 2024, over 15.5 million individuals were recorded as active crypto investors, up from nearly 15 million in October. This steady monthly increase throughout 2024 underscores South Korea’s status as one of the world’s most enthusiastic adopters of digital assets.

The report highlighted a dramatic rise in total crypto asset holdings, which surged from 58 trillion won in October to 102.6 trillion won (approximately $78 billion) by November. This 77% jump within a single month mirrors broader global trends, where post-U.S. election market rallies and growing confidence in digital assets have driven investor activity.

The demographic spread of investors is also notable, with strong participation from younger generations. South Koreans in their 20s and 30s make up the largest segment of crypto holders, reflecting a broader generational shift toward decentralized finance and digital-first investment strategies. However, there has also been an uptick in interest from older age groups, signaling widening appeal across the population.

Legislation and Market Forces Fuel Momentum

The surge is also attributed to South Korea’s regulatory advancements, particularly the enactment of the Virtual Asset User Protection Act in July 2024. This legislation introduced clearer guidelines and strengthened safeguards for investors, leading to increased trust in the digital asset ecosystem. The Act mandates increased transparency, custody protections, and risk disclosures from exchanges and service providers.

South Korea’s top five exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—reported a combined daily trading volume of nearly 15 trillion won in November, nearly rivaling the trading activity of the country’s traditional stock markets. These exchanges have also enhanced their user interfaces, security protocols, and listing standards, contributing to greater user confidence and accessibility.

In response to the growth, financial institutions in the country are also starting to explore digital asset services. Several major banks have begun piloting crypto custody solutions and blockchain-based financial products, anticipating increased demand from both retail and institutional clients.

As digital assets continue to integrate into mainstream finance, South Korea’s proactive stance on regulation and infrastructure could solidify its leadership role in shaping the future of the global crypto economy. With robust market participation, strong domestic platforms, and regulatory clarity, the nation is well-positioned to serve as a regional hub for innovation in the blockchain and digital asset space.