South Korea’s Crypto User Base Surpasses 16 Million, with Public Officials Joining the Trend
In South Korea, the number of people holding cryptocurrency accounts has surpassed 16 million, a notable rise attributed to the boost seen after the 2024 U.S. presidential election.
This data, compiled by Cha Gyu-geun, a representative from the Rebuilding Korea Party, reveals that over 30% of the nation’s 51.7 million residents now engage with crypto exchanges. The figures, as reported by Yonhap News on March 30, include data from South Korea’s leading exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—where individuals with multiple accounts were counted just once.
Industry experts predict that the total number of crypto users could reach 20 million by the end of 2025, despite some concerns that the market is nearing its peak.
One unnamed official noted that while the crypto market may appear to have plateaued, it still offers vast growth potential compared to the more established stock market. After Trump’s victory in November, the surge in crypto participation pushed the total to 15.6 million users, with a combined holding of 102.6 trillion Korean won ($70.3 billion) in digital assets.
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By March 2024, the number of crypto users had climbed above 14 million. This contrasts with the South Korean stock market, which recorded just over 14 million individual investors as of December 2023. Interestingly, the country’s public officials are also part of this crypto trend.
According to the Ethics Commission, 20% of government officials—accounting for 411 individuals—disclosed holdings amounting to 14.4 billion won ($9.8 million) in digital assets. Notably, Seoul City Councilor Kim Hye-young disclosed the highest individual holding of 1.76 billion won ($1.2 million).
Alongside these figures, South Korea’s Financial Services Commission took action by releasing a list of 22 unregistered crypto platforms and blocking 17 others from the Google Play Store.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
