Practically one-third of the South Korean inhabitants has reportedly invested in Bitcoin (BTC) and different digital belongings.
The Seoul-based information company Yonhap, citing knowledge launched by the South Korean authorities, reports that as of late February of this 12 months, 16.29 million folks have opened accounts on Upbit, Bithumb, Coinone, Korbit and Gopax, the nation’s prime 5 home crypto exchanges.
South Koreans with accounts at a number of exchanges have been reportedly solely counted as soon as to maintain the information correct. The nation at present has an total inhabitants of almost 52 million.
There have been 14 million crypto traders in South Korea in March 2024, and greater than 500,000 new traders within the nation bought crypto in November, the identical month that Donald Trump gained the US presidential election. Trump pivoted to crypto-supportive stances within the lead-up to the election final 12 months.
Business officers predict that South Korea will quickly be residence to twenty million crypto traders.
Says one official,
“Some imagine the crypto market has reached a saturation level, however there may be nonetheless an countless chance for development in contrast with the matured inventory market.”
Banks in South Korea have reportedly been rushing to companion with crypto corporations because the nation’s digital asset laws turn out to be much less restrictive.
In February, South Korea’s Monetary Providers Fee announced that the nation would launch a pilot program within the second half of 2025 that permits 3,500 company entities to purchase crypto for funding and monetary functions. Company crypto transactions have been banned within the nation since 2017.
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