Bittime -The involvement of retail investors in South Korea in the crypto asset market is experiencing a tremendous increase, reaching a peak even before the global surge in cryptocurrency prices in early 2024. The latest report from the Korea Financial Intelligence Unit (KOFIU) reveals this positive trend, highlighting rapid growth of active users on local digital asset exchanges and lucrative trading activities.
Significant Increase in Active Exchange Users
According to KOFIU's semi-annual report, the number of active users of registered exchanges in South Korea increased by 390,000, reaching a total of 6.45 million by the end of 2023. This increase was accompanied by a surge in trading volume, market capitalization, and operating income of exchanges, all of which received a boost from rising crypto prices and recovering investor sentiment.
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Korean Won Dominance in Global Crypto Trading
The South Korean won ranked as the most traded currency against crypto assets globally in the first quarter of 2024, surpassing the dominance of the US dollar. Leading exchanges such as Upbit have managed to rank among the top five global exchanges based on trading volume. This phenomenon shows how strong the interest and involvement of South Korean investors is in the crypto ecosystem.
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Investor Profile and Trading Volume Growth
The majority of crypto trading users in South Korea are individual investors, with 99% of total users falling into this category. Not only that, almost 60% of these investors are in their 30s and 40s, showing that interest in crypto is not limited to the younger generation. During the period, average daily crypto trading volume in South Korea increased 24% to 3.6 trillion won ($2.6 billion), while the total value of crypto held by listed exchanges jumped 53% to 43.6 trillion won.
Also read: Getting to know DeFi Crypto and the List of Crypto Assets
Regulation and the Future of the South Korean Crypto Market
Despite the TerraUSD collapse incident, enthusiasm for cryptocurrencies in South Korea remains high. In fact, major political parties in the country committed to giving Korean citizens access to US Bitcoin ETFs, marking a significant step in crypto acceptance at the government level. However, South Korean regulators will implement the Virtual Asset User Protection Act starting in July, which will introduce strict new requirements for exchanges and tougher sanctions for violations in the sector.
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With various initiatives and developments taking place in the South Korean crypto asset market, the future of crypto investment in the country looks bright, but it must also be balanced with appropriate regulations to protect investors and maintain market stability.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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