A recent report by the Hana Institute of Finance reveals that more than 25% of South Koreans aged 20 to 50 hold digital assets, indicating a growing interest in cryptocurrencies in the country.
Statistics on Crypto Ownership
According to the report, 31% of all crypto owners are investors in their 40s, 28% are in their 30s, and 25% are in their 50s, narrowing the age gap between crypto ownership to 22%. Most investors aged 50 to 59 (78%) indicated they invest in crypto for wealth accumulation, while 53% use it for retirement savings.
Challenges Facing Investors
Among investors, 70% expressed a desire to increase their investments in cryptocurrencies. The majority are white-collar men in their 30s and 40s. However, the report indicates that the frequency of regular crypto trading has increased by 34%, and medium-term activity has risen by 47%. Additionally, 70% of investors reported struggling with strict banking restrictions that do not allow linking multiple accounts for trading transactions.
Institutional Initiatives in Cryptocurrency
KB Kookmin, one of South Korea's largest banks, has filed 17 trademarks related to a potential stablecoin product, including designations such as KBKRW and KRWST. These steps correspond with a political shift, as President Lee Jae-myung’s administration is likely to accelerate institutional adoption of cryptocurrencies.
The increase in the number of South Koreans investing in cryptocurrencies marks a significant transformation in the country's financial landscape. Along with the initiated banking and legislative reforms, this may indicate forthcoming changes in the governance of digital assets.
