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South Korea Strengthens Its Position in the Crypto World

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by Giorgi Kostiuk

3 months ago


South Korea continues to hold a strong position in the global adoption of cryptocurrencies, with over 15.59 million citizens now holding digital assets.

Surging Investments Following Global Events

According to the Bank of Korea, the country's cryptocurrency investments have sharply increased, notably following key global events such as the U.S. presidential election. External economic and political factors have significantly influenced investor sentiment. By the end of November, 15.59 million South Koreans had accounts across the nation’s top five exchanges: Upbit, Bithumb, Coinone, Korbit, and GOPAX, which is an increase of 610,000 from October.

Market Expansion and Valuation Growth

The South Korean cryptocurrency market has experienced unprecedented growth in recent months. Bitcoin prices surged from 105 million won in October to 135.8 million won by the end of November, contributing to a substantial rise in total market valuation. In November, the total value of digital assets held by South Korean investors reached 102.6 trillion won, nearly double October’s valuation of 58 trillion won.

Daily Trading Volume Rivals Stock Market

One of the most striking developments is the rapid growth in cryptocurrency trading volumes, which now rival those of traditional stock markets. In November, the average daily trading volume of domestic cryptocurrencies reached 14.9 trillion won, almost equating the combined trading volumes of South Korea’s major stock indices: KOSPI and KOSDAQ.

Challenges Amid Rapid Growth

Despite promising signs of innovation, the rapid growth of the cryptocurrency sector brings challenges in regulation and stability. The market remains vulnerable to external shocks and lacks a unified regulatory framework.

South Korea continues to achieve significant strides in the world of cryptocurrency, yet it faces important tasks in developing a clear regulatory framework to maintain market stability.

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