South Korea’s cryptocurrency market is experiencing unprecedented growth, with trading volumes rivaling those of the domestic stock market. The number of crypto accounts in the country has surpassed 15 million, driven by a bull market energized by U.S. President-elect Donald Trump’s pro-crypto policies.
According to data from the Bank of Korea submitted to Rep. Lim Kwanghyun of the Democratic Party, the total number of cryptocurrency accounts in South Korea rose to 15.59 million in November, a monthly increase of 610,000. This figure represents nearly one-third of the nation’s population.
Bitcoin, the dominant cryptocurrency, has played a significant role in this surge. Following a dip below $70,000 before the U.S. presidential election, its price skyrocketed by 50% in November after Trump’s election victory.
The data, compiled from the country’s top cryptocurrency exchanges — Upbit, Bithumb, Coinone, Korbit, Huobi, and Gopax — also shows a steady increase in virtual asset investors since July. The number of accounts climbed from 14.74 million in July to 14.88 million in September and 14.98 million in October. Individuals with accounts on multiple platforms were counted separately.
This is the first time the Bank of Korea has released detailed data on crypto assets, following the implementation of the Virtual Asset User Protection Act earlier this year. The law enables the central bank to gather information from cryptocurrency exchanges, marking a significant step in regulatory oversight.
Trading Volume and Market Valuation Soar
The market valuation of virtual assets held by South Korean investors reached 102.6 trillion won ($70.4 billion) at the end of November, a sharp increase from 58 trillion won in October and 54.7 trillion won in September.
In terms of daily trading volume, cryptocurrency exchanges averaged 14.9 trillion won in November. This figure is comparable to the combined trading volume of the country’s stock markets, with the Kospi averaging 9.92 trillion won and the Kosdaq 6.97 trillion won during the same period.
“The government needs to be fully prepared to facilitate the stability of the crypto asset market while protecting the interests of users,” said Rep. Lim.
Regulatory Challenges Ahead
As the U.S. anticipates potential shifts in cryptocurrency policy under President-elect Trump, South Korea is proceeding cautiously. The National Assembly recently postponed the introduction of a crypto taxation framework until 2027, citing the need for careful monitoring during the early stages of regulatory implementation.
“The recent tax deferral is because it is the early stage of implementing new regulations, and we deemed monitoring necessary,” Finance Minister Choi Sang-mok explained during a press briefing in Seoul on December 18.
“The Bank of Korea and other relevant authorities are preparing how to regulate virtual assets domestically. If the new U.S. administration’s proposals become concrete, we plan to prepare a response,” he added.
With cryptocurrency continuing to gain traction in South Korea, the government faces the challenge of balancing market growth with user protection and regulatory stability.
