According to data submitted to Rep. Cha Gyu-geun of the Rebuilding Korea Party, South Korea’s cryptocurrency investors reached 16.29 million as of February.
This figure represents nearly 32% of the country’s population. The data, compiled from accounts at the country’s top five domestic virtual asset exchanges – Upbit, Bithumb, Coinone, Korbit, and Gopax – shows consistent growth throughout 2024.
The number of crypto investors first surpassed 14 million in March 2024. Following Donald Trump’s election as U.S. President in November, another 500,000 people entered the market, pushing the total beyond 15 million.
Industry experts are projecting continued expansion, with some anticipating that the number of cryptocurrency investors will reach 20 million soon. “Some believe the crypto market has reached a saturation point, but there is still an endless possibility for growth compared with the matured stock market,” an industry official told The Korea Herald.
20% of South Korea’s officials own crypto
According to a recent report by local media Munhwa, 20 percent of South Korean public officials who submitted asset declarations reported owning cryptocurrency. Of 2,047 officials who filed declarations, 411 disclosed direct cryptocurrency holdings or investments.
These crypto-holding officials include high-ranking government representatives such as the Secretary General of the Labor-Management Development Foundation, the President of the Korean National Police University, and the Vice President of the Korea Water Resources Corporation.
The total value of cryptocurrency assets declared by these officials amounts to 14.41 billion Korean won (approximately $9.8 million), with an average holding of 35.07 million won ($23,927) per official.
Seoul City Councilor Kim Hye-young reported the largest cryptocurrency holdings. According to the Government Public Ethics Committee’s publicly disclosed report of personal assets held by the country’s public officials as of 2025, his assets were valued at 1.7 billion KRW.
The notable cryptocurrency adoption among government officials potentially shows a more understanding regulatory approach, although South Korea has implemented strict regulations on cryptocurrency trading in recent years. This includes a mandatory real-name verification for exchange accounts and comprehensive anti-money laundering provisions.
