Crypto Adoption Soars in South Korea as Investor Numbers Reach 16 Million

South Korea's crypto investor base has now surpassed 16 million, narrowing the gap with the number of stock investors in the country.

While stocks still dominate the investment landscape, the rapid rise in crypto participation is noteworthy, signaling growing interest from both traditional investors and new ones.

As of the latest data, 16.29 million South Koreans had registered accounts across the five major domestic crypto exchanges: Upbit, Bithumb, Gopax, Coinone, and Korbit. This figure accounts for users on multiple platforms, with each user counted only once. Crypto holders now make up approximately 32% of South Korea’s population, reflecting the increasing adoption of digital assets. This surge in investors began in March 2024 when the number exceeded 14 million, with a notable boost after the U.S. presidential election.

Detailed statistics reveal the breakdown of South Korean crypto investors by age and gender. Men in their 30s and 40s represent the largest share, while women in their 50s also constitute a significant portion, especially among high-net-worth crypto investors. Upbit leads the pack with 9.2 million users, followed by Coinone at 3.2 million, and Bithumb, which saw a significant jump to 2.36 million accounts in March 2024—an increase of 77.4% from the previous year due to a vigorous marketing campaign.

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In terms of age, the largest group of investors is in their 30s, followed by those in their 40s. Young investors in their 20s, as well as those in their 50s and 60s, are also contributing to the rise of crypto interest. Among male investors, those in their 30s and 40s represent the bulk of the market, with a combined total of more than 5.7 million.

Regarding the value of holdings, most investors hold less than 1 million Korean won (roughly $680). However, a smaller group has invested larger sums, with about 160,000 individuals holding more than 100 million won in crypto. Interestingly, about 36,000 men in their 40s and 35,000 in their 50s are in this high-value category.

In the political sphere, the South Korean National Assembly has also seen a significant increase in digital asset holdings. A recent report revealed that the holdings of Assembly members and officials tripled over the past year, with 335 individuals now reporting crypto assets totaling 1.2 billion Korean won. This represents a 48.4% year-on-year rise, including assets held by spouses and children. Among the highest reported holdings was Kim In-young, a member of the policy research committee, who owns 530 million won in digital assets, spread across nine major cryptocurrencies like Bitcoin, Ethereum, and Solana.

Alexander Stefanov