Catenaa, Thursday, January 2, 2025 – South Korea’s cryptocurrency market experienced a historic surge in November, with 610,000 new investors joining the sector, bringing the total to 15.5 million citizens, roughly 30% of the population.
The Bank of Korea reported that crypto holdings in the country soared to 102.6 trillion KRW ($69 billion) by the end of November, nearly doubling from October’s 58 trillion KRW ($39 billion). Average individual holdings also climbed significantly, increasing from 3.87 million KRW ($2,655) in October to 6.58 million KRW ($4,400) in November.
The dramatic growth coincided with optimism fueled by U.S. President-elect Donald Trump’s pro-crypto policies, which boosted market confidence. Daily trading volumes averaged $10.2 billion in November, rivaling the combined volumes of South Korea’s stock markets.
Rep. Lim Gwang-Hyun emphasized the growing significance of the sector, stating, “Virtual asset transaction volume is rapidly increasing to levels comparable to the stock market. We must prepare thoroughly to enhance market stability and protect user rights.”
Despite the boom, regulatory challenges persist. The government delayed implementing its cryptocurrency tax to 2027, marking the third postponement since the policy’s initial proposal in 2021. Officials argue that more time is needed to develop a comprehensive tax framework, but critics warn that smaller traders could be disproportionately affected by the delay.
As South Korea’s crypto market continues its rapid expansion, leaders face mounting pressure to balance growth with robust regulatory safeguards.
