In spite of the fact that South Korea’s crypto sector has taken a beating at the hands of regulators recently, the number of crypto investors in the country has increased exponentially.
The cumulative worth of transactions on the country’s four largest crypto exchange platforms has outpaced domestic stock market activity by almost $390 billion so far this year.
Listed firms on the Korea Exchange (KRX) are represented by the KOSPI index.
The FSC statistics show that the four platforms had slightly more than half a million subscribers in 2019, but that number has “soared” to well over 5.7 million this year, with customers collectively exchanging 6.7 times as much cryptocurrency and fiat as they did last year.
Active players in crypto
In fact, there are now some very active investors in the country: According to data from January to September 2021, on average investors have traded $531,000 on platforms.
Many critics believe conventional markets have been lagging for some time and are therefore undesirable to new investors, particularly those under the age of 35.
Major growth in the digital asset class
This enormous expansion, on the other hand, is likely to arouse even greater regulatory fervor. Parliamentarian Kwon Eun-hee, a member of the committee that released the information, was cited as saying:
“Because regulatory blind spots can result in investor harm, we must develop a supplementary plan through amendments to the Business Rights Act as soon as possible.”
Bitcoin trade volumes were increasing once more on South Korean exchanges as the cryptocurrency began to breach the $60,000 barrier, with 24-hour volumes on Bithumb up by more than 30% at UTC 7:00, according to CoinMarketCap estimates.
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