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A recent report from virtual asset exchanges Upbit and Bithumb has shed light on wealth within South Korea’s cryptocurrency market. As of last year, 3,759 individuals held high-value accounts, each exceeding 1 billion won (approximately $750,000).
Democratic Party member Ahn Do-geol submitted the report, titled “Virtual Asset Holding Status,” to the National Assembly Planning and Finance Committee.
185 South Koreans in Their 20s Own Bitcoin and Other Virtual Assets
According to local reports, out of the 3,759 South Koreans who own virtual assets, over 185 are in their 20s, making them the third-largest segment of crypto investors.
The total value of the virtual assets owned by these young investors is 967.2 billion won, averaging about 5.228 billion won ($3.91 million) per person.
Over 180 South Koreans in their 20s own over $750K in crypto each
Over 180 South Koreans in their 20s own cryptocurrencies worth more than KRW 1 billion ($750,000) each, according to Maeil Business Newspaper. Data submitted by crypto exchanges Upbit and Bithumb to the National…— CoinNess Global (@CoinnessGL) October 3, 2024
Industry experts attribute the assets these investors hold to either inherited wealth or savvy investment decisions made early in their careers.
According to the study, while South Korean youth impact the cryptocurrency market, investors in their 40s hold considerable sway. 1,297 members from this group own assets worth over 1 billion won, while their collective total stands at 12.497 trillion won, averaging 9.29 billion won ($6.95 million) per person.
However, South Koreans in their 50s are at the top of the hierarchy. This group holds the highest total asset value.
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The age group comprises 930 individuals with accounts exceeding 1 billion won. South Koreans in their 50s also lead in total value. They hold assets worth 13.82 trillion won, an average of 14.86 billion won ($11.11 million) per person, surpassing other age groups.
The Virtual Asset Holding Status also revealed widespread interest in cryptocurrencies among South Koreans. There are approximately 7.7 million active virtual asset accounts on platforms like Upbit and Bithumb.
These accounts have an average holding amount of 8.93 million won, indicating strong interest in cryptocurrencies among the general population.
Concerns Loom Over the Growth of Crypto in South Korea
South Korea’s cryptocurrency industry is at a critical juncture.
The country’s financial watchdog, the Financial Supervisory Service (FSS), has begun investigating unfair cryptocurrency transactions.
This includes digital asset transactions initiated using undisclosed information and those involving “price manipulation trading.”
Regulators will filter through large datasets from regulated cryptocurrency exchanges and reports from the nation’s major financial regulatory body, the Financial Supervisory Service (FSS).
As part of its process to identify fraudulent transactions and prosecute violators, the Financial Services Commission (FSC) will utilize data investigation probes via “on-site data seizures” and cooperate with overseas regulatory counterparts to analyze suspicious cross-border transactions and other anonymous transactions.
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