A recent report from prominent South Korean virtual asset exchanges, Upbit and Bithumb, reveals significant wealth concentrated in the country’s crypto market. As of last year, 3,759 individuals in South Korea held high-value crypto accounts, each valued at over 1 billion won (approximately $750,000).
This information was shared in a report titled “Virtual Asset Holding Status,” submitted by Democratic Party member Ahn Do-geol to the National Assembly Planning and Finance Committee.
Young Investors Hold Over $3.91 Million in Virtual Assets
The report highlights that 185 of these individuals are in their 20s, making them the third-largest age group of crypto investors in South Korea. Collectively, these young investors hold 967.2 billion won worth of virtual assets, with an average of 5.228 billion won (approximately $3.91 million) per person.
Experts attribute this to either early investment decisions or inherited wealth, showcasing the rising influence of younger generations in the crypto market.
Investors in Their 40s and 50s Dominate the Market
The report also reveals that South Koreans in their 40s and 50s have a significant impact on the crypto market. Investors in their 40s make up the largest group, with 1,297 individuals owning virtual assets valued at over 1 billion won, amounting to a collective total of 12.497 trillion won (around $6.95 million per person).
Those in their 50s, however, hold the highest overall wealth. This group comprises 930 individuals, collectively owning 13.82 trillion won, averaging 14.86 billion won (approximately $11.11 million) per person.
Rising Popularity of Cryptocurrencies in South Korea
Interest in cryptocurrencies among South Koreans continues to surge. According to the report, there are around 7.7 million active virtual asset accounts on platforms like Upbit and Bithumb, with the average account holding 8.93 million won. This suggests that cryptocurrencies have gained widespread traction in South Korea’s general population.
Regulatory Concerns Loom Over South Korea’s Growing Crypto Industry
Despite the growing interest in virtual assets, South Korea’s crypto industry faces increasing scrutiny from regulatory bodies. The country’s Financial Supervisory Service (FSS) has initiated investigations into unfair crypto transactions, including those involving undisclosed information or price manipulation.
The FSS is employing data probes, “on-site data seizures,” and cross-border cooperation to clamp down on fraudulent activities within the crypto space. This heightened oversight aims to ensure transparency and fairness as the country’s crypto market continues to expand.
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