As a researcher with experience in the financial technology industry, particularly in the Asian market, I find the surge in retail investor engagement with digital-asset exchanges in South Korea quite intriguing. The data from the Korea Financial Intelligence Unit (KOFIU) report reveals a substantial growth in active users of registered exchanges in South Korea, which reached 6.45 million by the end of 2023, an increase of 390,000 from the previous semi-annual report.
As a crypto investor based in South Korea, I’ve noticed an intriguing trend. Before the worldwide surge in cryptocurrency prices in early 2024, retail investors here showed a remarkable increase in their involvement with local digital-asset exchanges. It’s as if we were preparing for something big, quietly building up our positions ahead of the crowd.
As a crypto investor following the Korean market, I’m excited to learn about the latest findings from the semi-annual report published by the Korea Financial Intelligence Unit (KOFIU). The report reveals that the number of active users on registered cryptocurrency exchanges in South Korea has grown significantly, reaching an impressive total of 6.45 million by the end of 2023 – a noteworthy increase of 390,000 from the previous period.
In a released announcement, KOFIU stated that there was a significant surge in trading activity, market value, earnings from operations, and deposits denominated in South Korean won during the second half of the year. This growth can be attributed to the upward trend in cryptocurrency prices and the restoration of investor confidence.
In Q1 2024, the South Korean won emerged as the most frequently traded currency versus crypto-assets worldwide, surpassing the US dollar‘s dominance. Notably, Upbit, the foremost exchange in South Korea, has consistently ranked among the top five global exchanges by trading volume.
The report added, “The number of crypto trading users rebounded from the first half of 2023.”
Approximately 10% of the national population can be identified as individual investors, with an astounding 99% belonging to this group. A significant portion, nearly 60%, fall into the age bracket of their 30s and 40s.
Over the given timeframe, the average daily crypto trading volume in South Korea rose by 24%, amounting to approximately 3.6 trillion won ($2.6 billion. At the same time, the total value of cryptocurrencies held by registered exchanges experienced a significant increase of 53%, reaching 43.6 trillion won.
As a crypto investor, starting next July, I’ll be subjected to stricter regulations under the Virtual Asset User Protection Act in South Korea. This means that exchanges will face new requirements to ensure user protection, and penalties for non-compliance or misconduct will be more severe.
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2024-05-16 14:28