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Recent data unveiled by Democratic Party lawmaker Lim Kwang-hyun reveals a significant surge in cryptocurrency ownership in South Korea, with figures surpassing 15.59 million as of November. This marks an increase of 610,000 from the previous month, indicating a growing interest in digital assets among the populace. What Drives South Korea’s Crypto Investment? The data reflects accounts opened across five leading exchanges: Upbit, Bithumb, Coin One, Cobit, and Gopax. With a national population of about 51.23 million, over 30% are now actively investing in cryptocurrencies. How is the Government Responding to Crypto Growth? Total cryptocurrency assets in South Korea have reached 102.6 trillion won (approximately 69.8 billion USD), with average daily trading volumes hitting 14.9 trillion won (around 10.1 billion USD). Although there may be concerns about duplicate accounts across exchanges, the reality is that millions are engaged in this market. Lim Kwang-hyun highlighted the urgency for government intervention to improve market stability and safeguard user rights as transaction levels near those of national exchanges. The steady rise in cryptocurrency investors is driven by optimism in the market, fueled by global events and innovations in decentralized finance. 15.59 million cryptocurrency holders reported in November. Average monthly increase of 100,000 new investors. Government plans for enhanced market stability and user protection. This rapid growth in the South Korean cryptocurrency landscape underscores the need for adaptive strategies among both individual and institutional investors in an ever-evolving financial environment. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/south-koreans-increase-cryptocurrency-participation

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Filed under: News - @ December 27, 2024 2:25 am