More than 185 South Koreans in their 20s own more than $750,000 in digital assets each, based on data from Upbit and Bithumb.
As reported Mail Business Newspaper On October 3, South Korea-based cryptocurrency exchanges Abit and Bithumb submitted a report on the “State of Holding Virtual Assets” to Ahn Doo Gul of the Democratic Party of Korea through the Financial Supervision Service.
The report revealed that as many as 3,759 South Koreans owned cryptocurrency accounts worth more than 1 billion won (about $750,000) by the end of 2023. Among them, more than 185 investors in their 20s formed the third-largest group, each holding their own shares. . Assets in cryptocurrencies such as Bitcoin (BTC).
The total value of their cryptocurrency holdings is 967.2 billion won, meaning that every South Korean in their 20s owns approximately 5.23 billion won (or $3.91 million) of cryptocurrencies, the report said. Industry officials point out that these young people are likely to have converted the money they received from their parents into cryptocurrencies or successfully invested in high-performing altcoins.
However, the age group with the highest number of cryptocurrency owners were South Koreans in their 40s, with a total of 1,297 individuals. Each person in their 40s owns 9.29 billion won, or $6.95 million, on average.
In terms of cryptocurrency reserves, South Koreans in their 50s kept the most money in their accounts. Their combined account value is 13.82 trillion won, meaning that each South Korean in their 50s owns an average of 14.86 billion won, or $11.11 million, in cryptocurrencies.
Strict regulations shape the cryptocurrency landscape in South Korea
Democratic Party representative Ahn De Gul commented on the spread of cryptocurrencies in the country, noting that the South Korean government needs to take more steps to ensure that cryptocurrencies can be managed transparently and systematically.
Despite the growing adoption of cryptocurrencies, the South Korean government has maintained an unfavorable stance towards the industry, with regulators recently imposing six-figure supervision fees on cryptocurrency exchanges operating in South Korea. Domestic cryptocurrency exchanges are also required to keep 80% of their assets in cold storage.
In July, South Korea’s Ministry of Economy and Finance announced plans to impose a 20% tax on the amount above the basic deduction of 2.5 million won (about $1,800), although the new law has since been postponed to 2028.
Comments are closed, but trackbacks and pingbacks are open.