South Korea’s cryptocurrency market continues to grow, with the number of virtual asset investors surpassing 16 million, nearing the total number of stock investors in the country, news agency Yonhap reported.
Data submitted to Rep. Cha Gyu-geun of the minor opposition Rebuilding Korea Party indicated that as of late February, 16.29 million people held accounts at the five major domestic virtual asset exchanges — Upbit, Bithumb, Coinone, Korbit, and Gopax.
The count only included unique users, excluding those with multiple accounts across different platforms.
The number of cryptocurrency investors accounted for nearly 32% of South Korea’s population, reflecting the growing appeal of digital assets in the country.
The milestone was achieved after the number of crypto investors exceeded 14 million in March 2024, with a surge of over 500,000 new participants in November following the election of U.S. President Donald Trump. This pushed the total past the 15 million mark.
Industry analysts attribute the rising interest in cryptocurrency investments to a combination of global market trends and domestic economic factors.
They note that the market’s recent upward momentum has encouraged more retail investors to participate.
While some observers suggest the market may be reaching saturation, others maintain that there is significant potential for further growth.
Industry figures argue that the cryptocurrency sector remains relatively underdeveloped compared to the well-established stock market.
Market participants are also anticipating further regulatory clarity and technological advancements that could provide additional support for the sector’s growth.
Some projections suggest the number of cryptocurrency investors in South Korea could soon reach 20 million, assuming the current trend continues.
South Korea has emerged as a key player in the global cryptocurrency market, with its exchanges regularly ranking among the world’s largest in terms of trading volume.
The growing number of investors underscores the increasing influence of digital assets in the country’s financial landscape.