The number of cryptocurrency holders in South Korea surged significantly in November 2024, reportedly coinciding with Donald Trump’s victory in the United States presidential election. According to South Korean media outlet Yonhap News, crypto users in the country grew by 610,000 in November, bringing the total to 15.6 million by the end of the month.
With a population of 51.7 million, this means over 30% of South Koreans are now invested in digital assets. The data, sourced from five major domestic crypto exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—reflects a growing mainstream adoption of cryptocurrencies in the nation.
New Crypto Regulations and Data Transparency
This is the first time such detailed statistical data on crypto users has been released in South Korea. The data was collected following the introduction of the Virtual Asset User Protection Act, which came into effect on July 19, 2024. Under the new regulations, the Financial Services Commission (FSC) mandates that virtual asset service providers ensure better protection for users’ funds.
The report also revealed that South Koreans collectively hold approximately 102.6 trillion Korean won ($70.3 billion) in digital assets. The rising transaction volume in the crypto market is now rivaling the nation’s traditional stock market, signaling the growing influence of cryptocurrencies on the broader financial ecosystem.
US Election and Its Ripple Effect on South Korea’s Crypto Market
Yonhap linked the spike in South Korean crypto users to the outcome of the US presidential election. Trump’s victory on November 5, 2024, has sparked optimism within the global crypto community, with many believing his administration will bring a more favorable stance toward digital assets.
In the United States, Trump’s return to office is expected to reverse the so-called “anti-Bitcoin” sentiment and pave the way for regulatory reforms that support the crypto industry. This narrative appears to have resonated in South Korea, where hopes of a more crypto-friendly global regulatory environment may have driven the surge in new investors.
