- The number of cryptocurrency users in South Korea rose by 610,000 in November.
- The large amount of crypto transactions is already putting pressure on the stock market.
Reportedly, after Donald Trump’s victory in the US presidential election in November, the number of South Korean crypto holders rose. The number of cryptocurrency users in South Korea rose by 610,000 in November, according to Yonhap News, a South Korean media organization that published the statistics on December 25.
Democratic Party of Korea lawmaker Lim Kwang-Hyun revealed numbers. Indicating that 15.6 million Koreans have invested in digital assets as of the end of November. The 15.6 million cryptocurrency holders constitute more than 30% of South Korea’s total population of 51.7 million. The five main Korean exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—were stated by Yonhap to have these many investors.
Trump Effect
The country’s Financial Services Commission (FSC) Virtual Asset User Protection Act went live on July 19. Virtual asset service providers are now legally obligated to guarantee the security of their customers’ cryptocurrency holdings.
According to Yonhap, the data was gathered and made public in response to the country’s new cryptocurrency trading legislation. The report went on to state that no prior statistical data pertaining to cryptocurrency has ever been made public.
Along with the user count, the statistics also revealed that South Koreans had around 102.6 trillion won ($70.3 billion) worth of cryptocurrency on hand. According to the news source, the large amount of cryptocurrency transactions in the nation is already putting pressure on the stock market.
The outcomes of the US elections in November, according to Yonhap, are responsible for the surge in users. The US presidential election was won by Trump on November 5th. Many believe that the US’s anti-Bitcoin attitude will be changed for the better after Trump’s election and that the country’s stance on crypto will improve.
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