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South Korea Experiences Dramatic Rise in Crypto Adoption: 610K New Investors in Nov
In a shocking turn of events, South Korea has seen an unprecedented surge in cryptocurrency adoption. According to the latest report from the Bank of Korea, more than 15.5 million citizens have now taken up digital assets, representing roughly 30% of the country’s population. This remarkable shift is deeply linked to escalating market activity that followed US President-elect Donald Trump’s pro-crypto policy announcements, fostering optimism among investors.
A staggering 610,000 new individuals joined the crypto market in November alone, marking a significant escalation from October figures. The Bank of Korea has officially released these statistics for the first time, giving the world an unprecedented insight into the country’s cryptocurrency adoption trends.
As per the report, by the end of November, the total value of digital assets held by South Korean citizens had reached 102.6 trillion KRW (equivalent to $69 billion), nearly doubling from the previous month’s figure of 58 trillion KRW (worth $39 billion). Moreover, the average crypto holdings per person saw a substantial increase, growing from 3.87 million KRW ($2,655) in October to an astonishing 6.58 million KRW ($4,400) in November.
This sudden and dramatic shift is mirrored by an equally striking surge in trading volumes. By the end of November, these daily averages had climbed to a staggering $10.2 billion, eclipsing the combined daily volumes of South Korea’s major stock markets. This upward trend has been driven by favorable market conditions and growing investor confidence.
While this rapid growth presents immense opportunities for investors, it also underscores the critical need for robust regulatory measures to protect consumers and ensure market stability – a challenge that the country’s leaders are still grappling with.
It is worth noting that South Korea’s long-awaited cryptocurrency tax was once again delayed, with an official implementation date now set for 2027. This marks the third postponement since the initiative was first proposed in 2021, when it was originally scheduled to come into effect in January 2022. The People Power Party (PPP) has been at odds with the Democratic Party (DP), which emphasized that further time is required to develop a comprehensive framework for taxation and regulatory oversight.
Critics argue that small-scale crypto traders may be negatively impacted by this delay, as uncertainty surrounding the tax environment could discourage investment.
Source: cryptopotato.com
