The recent report from Virtual asset Exchanges Upbit and Bithumb shines a light on the Wealth in South Korea's crypto Market, revealing that 3,759 individuals held high-value accounts, each exceeding 1 billion won (approximately $750,000) as of last year. The report, titled "Virtual Asset Holding Status," was submitted by Democratic Party member Ahn Do-geol to the National Assembly Planning and Finance Committee, showcasing the growing interest and investment in Virtual assets in South Korea.
Bitcoin-and-other-Virtual-assets">185 South Koreans in Their 20s Own Bitcoin and Other Virtual Assets
Among the 3,759 South Koreans who own Virtual assets, over 185 individuals are in their 20s, making them the third-largest segment of crypto investors in the country. These young investors collectively hold Virtual assets valued at 967.2 billion won, with an average of about 5.228 billion won ($3.91 million) per person. This indicates a significant presence of young investors in the crypto Market, with their assets likely stemming from either inheritance or early investment decisions made during their careers.
While the young demographic plays a crucial role in the crypto Market, investors in their 40s hold substantial influence as well. With 1,297 individuals in this age group owning assets exceeding 1 billion won, the total value stands at 12.497 trillion won, averaging 9.29 billion won ($6.95 million) per person. South Koreans in their 50s lead in total asset value, with 930 individuals holding assets worth 13.82 trillion won, averaging 14.86 billion won ($11.11 million) per person, surpassing other age groups in both account count and total value.
Overall, the Virtual Asset Holding Status report highlights the widespread interest in cryptocurrencies among South Koreans, with approximately 7.7 million active Virtual asset accounts on Platforms like Upbit and Bithumb. The average holding amount per account is 8.93 million won, underscoring the significant interest and participation of the general population in cryptocurrency Investments.
Growth-of-crypto-in-south-korea">Concerns Loom Over the Growth of crypto in South Korea
While the Growth of the crypto Market in South Korea is impressive, concerns have arisen regarding potential issues such as unfair cryptocurrency transactions. The country's financial watchdog, the Financial Supervisory Service (FSS), has initiated investigations into these transactions, particularly focusing on activities like Price manipulation trading and transactions made using undisclosed information.
The FSS is leveraging Data from regulated cryptocurrency Exchanges and collaborating with the Financial Supervisory Service to identify fraudulent transactions. Through Data investigation probes, including on-site Data seizures and cooperation with international regulators, the FSC aims to crack down on illicit activities within the crypto space and maintain regulatory oversight to protect investors and maintain the integrity of the Market.
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