As a seasoned researcher with years of experience delving into the complex world of finance and technology, I find myself utterly fascinated by this latest revelation from South Korea – a nation where young adults in their 20s are amassing fortunes in digital assets that rival or even surpass those of their elders. The sheer magnitude of these figures is astounding, especially considering the relatively recent emergence of cryptocurrencies on the global financial scene.
Approximately 185 South Korean individuals in their twenties have a combined digital asset portfolio valued at over $750,000, according to statistics gathered from Upbit and Bithumb.
According to the Maeil Business Newspaper report dated October 3rd, I, as an analyst, have learned that South Korean crypto exchanges Upbit and Bithumb have submitted a “Virtual Asset Holding Status” report to Mr. Ahn Do-gul of the Democratic Party of Korea, facilitated by the Financial Supervisory Service.
By the close of 2023, it was found that over 3,759 South Korean individuals maintained crypto portfolios valued at more than 1 billion won ($750,000) apiece. Interestingly, those aged 20-29 made up a significant portion, accounting for about one third of these investors, with their assets primarily in cryptocurrencies like Bitcoin (BTC).
The combined worth of South Koreans aged 20 to 29’s cryptocurrency holdings totals approximately ₩967.2 billion won, which is equivalent to around $3.91 million USD for each person in this age group, according to the report. This could indicate that these young adults either received money from their parents and invested it in cryptocurrencies or were successful in purchasing high-performing altcoins.
It turns out that South Koreans aged around 40 were the demographic holding the most cryptocurrency, with a total of 1,297 individuals in this group. On average, each individual from this age bracket held approximately ₩9.29 billion won or $6.95 million worth of crypto.
As an analyst, I’ve discovered some fascinating insights regarding cryptocurrency reserves among South Koreans. Notably, individuals in their 50s appear to hold the largest amounts. The cumulative value of these accounts amounts to approximately ₩13.82 trillion won. This equates to an average holding of around ₩14.86 billion won per South Korean aged 50, which is roughly equivalent to $11.11 million in U.S. dollars.
Tough regulations shape South Korea’s crypto landscape
Representative Ahn Do-gul from the Democratic Party emphasized the need for the South Korean administration to implement more measures to facilitate a clear and organized management of cryptocurrencies within the country.
Regardless of the rising popularity of cryptocurrencies, the South Korean government continues to take a negative approach towards the sector. Lately, regulators have enforced substantial oversight fees amounting to six figures on crypto exchanges within South Korea. Additionally, these local crypto platforms are obligated to store 80% of their assets in cold storage.
Beginning in 2028, the South Korean Ministry of Economy and Finance plans to introduce a tax of 20% on any income exceeding ₩2.5 million won (approximately $1,800) beyond the basic exemption. However, this new legislation has been postponed until that year.
Read More
Sorry. No data so far.
2024-10-04 12:26