Crypto Adoption Explodes in South Korea As Number of Investors Rises to 16,290,000: Report

Nearly one-third of the South Korean population has reportedly invested in Bitcoin ( BTC ) and other digital assets.

The Seoul-based news agency Yonhap, citing data released by the South Korean government, reports that as of late February of this year, 16.29 million people have opened accounts on Upbit, Bithumb, Coinone, Korbit and Gopax, the country’s top five domestic crypto exchanges.

South Koreans with accounts at multiple exchanges were reportedly only counted once to keep the data accurate. The country currently has an overall population of nearly 52 million.

There were 14 million crypto investors in South Korea in March 2024, and more than 500,000 new investors in the country purchased crypto in November, the same month that Donald Trump won the US presidential election. Trump pivoted to crypto-supportive stances in the lead-up to the election last year.

Industry officials predict that South Korea will soon be home to 20 million crypto investors.

Says one official,

“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.”

Banks in South Korea have reportedly been rushing to partner with crypto firms as the country’s digital asset regulations become less restrictive.

In February, South Korea’s Financial Services Commission announced that the country would launch a pilot program in the second half of 2025 that allows 3,500 corporate entities to buy crypto for investment and financial purposes. Corporate crypto transactions have been banned in the country since 2017.

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