According to data from Upbit and Bithumb, over 185 South Koreans in their twenties possess digital assets valued at over $750,000
Upbit and Bithumb, South Korean crypto exchanges, submitted a “Virtual Asset Holding Status” report to Ahn Do-gul of the Democratic Party of Korea through the Financial Supervisory Service, as reported by Maeil Business Newspaper on Oct. 3.
By the conclusion of 2023, the report disclosed that up to 3,759 South Koreans maintained crypto accounts valued at over 1 billion won (approximately $750,000).
The third-largest group consisted of over 185 investors in their 20s, each holding their assets in cryptocurrencies such as Bitcoin (BTC) at a rate of 0.66%.
The total value of their crypto holdings is 967.2 billion won, which translates to an estimated 5.23 billion won (or $3.91 million) for each South Korean in their 20s, according to the report.
According to industry officials, it is probable that these young individuals either converted the funds they received from their parents into cryptocurrencies or effectively invested in high-performing altcoins.
Nevertheless, the age category with the highest number of crypto owners was South Koreans in their 40s, with 1,297 individuals. On average, each individual in their forties possessed 9.29 billion won or $6.95 million.
Most of the money was held in the accounts of South Koreans in their 50s in terms of crypto reserves.
It is estimated that each South Korean in their fifties possesses an average of 14.86 billion won, equivalent to $11.11 million in cryptocurrency. The combined value of their accounts is 13.82 trillion won.
The crypto landscape of South Korea is influenced by stringent regulations.
The South Korean government must take additional measures to guarantee that cryptocurrencies are administered in a transparent and systematic manner, according to Democratic Party representative Ahn Do-gul, who commented on the country’s high prevalence of crypto.
The South Korean government has maintained an unfavorable position on the industry, despite the increasing adoption of crypto.
Regulators recently imposed a six-figure oversight fee on crypto exchanges that operate in South Korea. Additionally, local crypto exchanges are mandated to maintain 80% of their assets in cold storage.
The South Korean Ministry of Economy and Finance announced in July that it intended to impose a 20% tax on the amount that exceeded the base deduction of ₩2.5 million won (approximately $1,800).
However, the introduction of the new law has been postponed until 2028.
