According to a report, 3,759 South Koreans own cryptocurrency valued at more than $1 billion (roughly $750,000).
The virtual asset exchanges Upbit and Bithumb recently released a report that showed the wealth in South Korea’s cryptocurrency market. 3,759 people had high-value accounts as of last year; each one was worth more than 1 billion won, or about $750,000.
Ahn Do-geol, a member of the Democratic Party, delivered the report to the National Assembly Planning and Finance Committee under the heading “Virtual Asset Holding Status.”
185 South Koreans in Their 20s Own Bitcoin and Other Virtual Assets
According to local reports, out of the 3,759 South Koreans who own virtual assets, over 185 are in their 20s, making them the third-largest segment of crypto investors.
These youthful investors own virtual assets worth 967.2 billion won in total, or roughly 5.228 billion won ($3.91 million) per person.
Over 180 South Koreans in their 20s own over $750K in crypto each
— CoinNess Global (@CoinnessGL) October 3, 2024
Over 180 South Koreans in their 20s own cryptocurrencies worth more than KRW 1 billion ($750,000) each, according to Maeil Business Newspaper. Data submitted by crypto exchanges Upbit and Bithumb to the National…
Experts in the field believe that these investors’ wealth is a result of either inheritance or astute financial choices made early in their careers.
The study indicates that although young South Koreans have an impact on cryptocurrencies, investors in their 40s have a significant amount of influence. This group’s assets total 12.497 trillion won, with 1,297 members owning more than one billion won, or an average of 9.29 billion won ($6.95 million) per member.
On top of the food chain, though, are fifty-something South Koreans. The total asset value belongs to this group.
There are 930 people in this age group with accounts worth more than one billion won. In terms of overall value, 50-year-old South Koreans also lead. They own more assets than people in other age groups, with an average of 14.86 billion won ($11.11 million) per person, or 13.82 trillion won.
The Virtual Asset Holding Status also showed that South Koreans are generally interested in cryptocurrencies. On sites like Upbit and Bithumb, there are about 7.7 million active virtual asset accounts.
The average holding amount of these accounts is 8.93 million won, which suggests that the general public is very interested in cryptocurrencies.
Concerns Loom Over the Growth of Crypto in South Korea
South Korea’s crypto industry is at a critical juncture.
The country’s financial watchdog, the Financial Supervisory Service (FSS), has begun investigating unfair cryptocurrency transactions.
This would include those who engage in “price manipulation trading” and digital asset transactions started with confidential information.
Large datasets from authorized cryptocurrency exchanges and reports from the Financial Supervisory Service (FSS), the country’s other principal financial regulatory organization, will be combed through by the regulators.
The FSC would use data investigation probes via “on-site data seizures” and collaborate with foreign regulatory counterparts to analyze suspicious cross-border transactions and other anonymous transactions as part of its procedures to identify fraudulent transactions and prosecute violators.