Nearly 200 South Koreans in their 20s hold over $750,000 in cryptocurrency
Date: 2024-10-04 Author: Henry Casey Categories: IN WORLD
According to leading cryptocurrency exchanges Upbit and Bithumb, more than 185 South Koreans aged 20 to 29 have assets exceeding $750,000 in their cryptocurrency accounts. The report, submitted to the Democratic Party of Korea through the Financial Supervisory Service, indicates that the total number of citizens holding over 1 billion won (about $750,000) in cryptocurrency reached 3,759 by the end of 2023. Of these, more than 185 people make up the third-largest group of investors under the age of 30.
The total value of these young people’s assets is estimated at 967.2 billion won, which is an average of about 5.23 billion won (about $3.91 million) per investor. Industry experts believe that such high figures are due to the fact that some of these young investors received initial funds from their parents and also successfully invested in promising altcoins.
Major Age Groups of Crypto Investors in South Korea
Despite the significant number of young investors, the largest share of crypto asset owners is in the 40-year-old age group — 1,297 people. Each of them owns assets worth an average of 9.29 billion won ($6.95 million). In turn, South Koreans over 50 hold the largest amounts in their accounts, with a combined value of 13.82 trillion won, meaning that each investor aged 50+ holds an average of 14.86 billion won ($11.11 million) in cryptocurrency.
The Impact of Regulation on the Crypto Industry in South Korea
Despite the growing popularity of cryptocurrencies, the South Korean government maintains a tough approach to their regulation. In particular, strict measures have recently been introduced for local exchanges, including mandatory storage of 80% of assets in cold wallets and significant oversight fees.
Democratic Party representative Ahn Do-gul noted that the government needs to strengthen supervision of the cryptocurrency sector to ensure its transparency and orderliness. However, the introduction of a tax on cryptocurrency income has been postponed until 2028. According to plans by the Ministry of Economy and Finance, a 20% tax will be levied on amounts exceeding 2.5 million won ($1,800).
