The Financial Services Commission (FSC) of South Korea has released its survey results on the domestic cryptocurrency market for the second half of 2023. The survey covered 29 registered encryption businesses (22 exchanges, 7 wallets, and custodians).
Korean virtual asset trader
From the survey, it can be seen that the strength of the South Korean virtual trading market cannot be underestimated. In the first half of 2023, the trading volume was approximately 2.1 billion US dollars, and in the second half, it increased significantly to 2.7 billion US dollars. These businesses have a turnover of up to 200 million US dollars in half a year and have also received a large amount of Korean won deposits. In the second half of 2023, there were already 4.9 trillion Korean won (approximately 3.6 billion US dollars).
Korean virtual assets
There are about 600 listed currencies among Korean companies, with over 300 exclusively listed on the Korean exchange, indicating the booming internal market in South Korea. However, price fluctuations also occur violently, with a price fluctuation of up to 60% during the six-month period.
Statistics of virtual asset users in South Korea: 6.45 million people, with investments below NT $23000 accounting for the majority
The number of trading users is very large and growing rapidly, with a growth of 390000 people from the first half to the second half of 2023, reaching 6.45 million people. If the population of South Korea is 50 million, it accounts for 12.9%.
However, the age structure of transactions is different from the general population, not young people in their twenties, but middle-aged people in their thirties. In addition, up to 4.55 million people belong to small investments and only hold cryptocurrencies of less than 1 million Korean won, which is less than 734 US dollars.