South Korean Crypto Users- Trump’s Election Victory Leads to Spike in Crypto Interest in South Korea
South Korean Crypto Users– South Korea witnessed a notable increase in the number of crypto holders in November 2024, following the victory of Donald Trump in the U.S. presidential election. This surge highlights growing interest in digital assets in the country, with many speculating that Trump’s win could lead to more crypto-friendly regulations, both in the U.S. and globally.
Increase in South Korean Crypto Users
On December 25, South Korea’s Yonhap News reported that the number of crypto users in the country rose by 610,000 in November 2024 alone. According to data shared by Representative Lim Kwang-Hyun of the Democratic Party of Korea, the total number of digital asset investors in South Korea reached 15.6 million by the end of November. Given the country’s population of 51.7 million, this means that over 30% of South Koreans are now involved in the crypto market.
Yonhap News stated that these figures represent the number of crypto investors across five major South Korean exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. The increase in the number of users highlights South Korea’s growing adoption of cryptocurrency.
Regulatory Changes and Growing Crypto Adoption
In July 2024, South Korea’s Financial Services Commission (FSC) introduced the Virtual Asset User Protection Act, which requires cryptocurrency service providers to ensure the protection of users’ digital assets. This regulatory development has played a role in increasing consumer confidence in the sector and encouraging more people to invest in cryptocurrencies.
Yonhap also mentioned that this was the first time such statistical data on crypto holders had been released, which reflects the government’s commitment to providing transparency in the sector.
In addition to the increase in the number of users, the data showed that South Koreans now hold a combined total of 102.6 trillion Korean won (approximately $70.3 billion) in crypto assets. According to Yonhap, the trading volume of cryptocurrencies in South Korea has now reached levels that are beginning to rival the local stock market.
Trump’s Victory: A Catalyst for Increased Crypto Interest
Yonhap attributed the surge in crypto users to the aftermath of the November 2024 U.S. presidential election, where Donald Trump emerged victorious. Many analysts and crypto enthusiasts believe that Trump’s win could mark a shift in the U.S. government’s stance on cryptocurrencies. With expectations of more favorable regulations for the crypto industry, investors are optimistic about the future of digital assets.
The idea that Trump’s presidency could reverse the “anti-Bitcoin” sentiment that has characterized some of the U.S. regulatory landscape is gaining traction, and this optimism has spilled over to South Korea. Yonhap suggested that many South Korean crypto users are hopeful that the U.S. will adopt a more crypto-friendly regulatory framework, which could have a ripple effect on the global crypto market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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