- South Korea‘s crypto exchange users have surpassed 16 million (over 30% of the population), outpacing stock market participation.
- User numbers jumped by 600,000 following Trump’s election win in November, with collective holdings reaching $70.3 billion.
- Industry projections suggest crypto users could reach 20 million by year-end, despite some concerns about market saturation.
Cryptocurrency adoption in South Korea has reached a significant milestone, with over 16 million citizens now holding exchange accounts—representing more than 30% of the country’s 51.7 million population. The surge gained momentum following the U.S. presidential election last November, according to recent data submitted to opposition lawmaker Cha Gyu-geun.
The figures, according to a March 30 report from Yonhap News Agency, were compiled from South Korea’s top five domestic virtual exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. Importantly, the data methodology counted individuals with multiple accounts only once, providing a more accurate picture of actual user numbers.
Following Donald Trump‘s election victory in November, cryptocurrency accounts in South Korea increased by over 600,000, bringing the total to 15.6 million users. These users collectively held 102.6 trillion South Korean won (approximately $70.3 billion) in crypto assets as of December.
The adoption rate has continued to accelerate, with user numbers exceeding 14 million by March 2024, demonstrating robust quarter-over-quarter growth.
Industry analysts remain bullish despite the already impressive adoption rates. Some officials project cryptocurrency users could reach 20 million by year-end. One unnamed industry representative told Yonhap: "Some believe the crypto market has reached a saturation point, but there is still an endless possibility for growth compared with the matured stock market."
What’s particularly notable is that cryptocurrency adoption has now surpassed traditional stock market participation in South Korea. According to data from Korea’s Securities Depository, only 14.1 million individuals were registered as stock market investors as of December last year, according to the Maeil Business Newspaper.
The cryptocurrency wave has extended beyond retail investors to include public officials. The country’s Ethics Commission for Government Officials revealed on March 27 that 20% of surveyed public officials—411 out of 2,047 subject to disclosure requirements—reported holding cryptocurrency assets totaling 14.4 billion won ($9.8 million). The largest disclosed holding belonged to Seoul City Councilor Kim Hye-young at 1.76 billion won ($1.2 million).
While adoption grows, regulators remain vigilant. On March 26, the Financial Intelligence Unit of South Korea’s Financial Services Commission published a list identifying 22 unregistered crypto platforms and 17 platforms that have been blocked from the Google Play store, highlighting ongoing regulatory scrutiny in the market.
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