Source: Cointelegraph Original: "{title}"
The number of users at South Korean cryptocurrency exchanges increased after the election of U.S. President Trump last November, surpassing 16 million.
According to a report by the South Korean news agency Yonhap on March 30, data submitted to the small party rebuilding the Korean Party by representative Cha Gyu-geun shows that out of a total population of 51.7 million, over 16 million people have accounts at cryptocurrency exchanges. This accounts for more than 30% of the population.
All data comes from South Korea's five major local virtual exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax. Individuals with multiple accounts are counted only once.
Industry officials generally speculate that the number of cryptocurrency users in South Korea could reach 20 million by the end of this year. An unnamed official quoted by Yonhap stated, "Some people believe the crypto market has reached saturation, but compared to mature stock markets, there is still unlimited growth potential."
Following Trump's election, the number of cryptocurrency users surged by over 600,000, reaching 15.6 million, with a total of 102.6 trillion won (approximately $70.3 billion) in crypto assets.
As of last December, investors in the South Korean cryptocurrency market held 102.6 trillion won (approximately $70.3 billion) in crypto assets. Source: Yonhap News
According to Yonhap's report, by March 2024, the number of cryptocurrency investors in South Korea has exceeded 14 million.
Meanwhile, South Korean financial publication "Daily Economic News" reported that the number of individual investors in the South Korean stock market was only 14.1 million as of last December.
Public officials in South Korea also hold and invest in cryptocurrencies.
The South Korean Government Public Officials Ethics Committee disclosed on March 27 that 20% of surveyed public officials hold a total of 14.4 billion won (approximately $9.8 million) in cryptocurrencies, among 411 of the 2,047 public officials required to disclose their crypto asset holdings.
The highest disclosed amount was 1.76 billion won (approximately $1.2 million) held by Seoul City Council member Kim Hye-young.
Additionally, the Financial Intelligence Unit of the South Korean Financial Services Commission published a list on March 26 of 22 unregistered platforms and 17 platforms that have been removed from the Google Play Store.
Related: Over 400 South Korean officials disclose holding $9.8 million in cryptocurrencies
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