Over 185 South Koreans in their 20s hold digital assets valued at over $750,000 each, according to data from local exchanges Upbit and Bithumb.
Local media outlet Maeil Business Newspaper reported on October 3 that both crypto exchanges disclosed this information in a report titled ‘Current Status of Virtual Asset Holdings’.
According to the report, 3,759 South Koreans held crypto accounts valued at over ₩1 billion (approximately $750,000) as of the end of 2023. Among these, over 185 investors in their 20s formed the third-largest group. These individuals primarily invested in major cryptocurrencies such as Bitcoin, with the total value of their holdings amounting to ₩967.2 billion (around $3.91 million per individual on average).
The report suggests that many of these young investors likely converted funds received from their parents into cryptocurrencies or achieved success through investments in high-performing altcoins.
The largest group of crypto holders in South Korea, based on age, were individuals in their 40s, with 1,297 investors holding an average of ₩9.29 billion ($6.95 million). Meanwhile, individuals in their 50s held the largest total reserves, amounting to ₩13.82 trillion, with an average of ₩14.86 billion ($11.11 million) per person.
Despite growing crypto adoption, the South Korean government continues to enforce strict regulatory measures. In July 2024, the Financial Services Commission (FSC), the country’s top financial regulator, introduced a new framework as part of its implementation of the ‘Virtual Asset User Protection Act’. This framework imposed a supervisory fee of approximately ₩300 million ($220,240) on major crypto exchanges such as Upbit, Bithumb, Coinone, and Gopax. The fee is tied to the exchanges’ operating revenues and is part of broader financial regulations aimed at monitoring the growing crypto industry.
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