Over 185 individuals in their 20s from South Korea each have digital asset holdings exceeding $750,000, according to data compiled from Upbit and Bithumb.
As reported by Maeil Business Newspaper on October 3, the cryptocurrency exchanges Upbit and Bithumb based in South Korea have submitted a “Virtual Asset Holding Status” report to Ahn Do-gul of the Democratic Party of Korea via the Financial Supervisory Service.
The report indicated that up to 3,759 South Koreans maintained crypto accounts valued at over ₩1 billion won (approximately $750,000) by the end of 2023. Among these, more than 185 investors in their 20s formed the third-largest group, with their cryptocurrency holdings primarily in assets like Bitcoin (BTC).
The cumulative value of their crypto assets reached ₩967.2 billion won, which translates to around ₩5.23 billion won (or $3.91 million) held by each South Korean in their 20s, as outlined in the report. Industry experts believe that many of these young investors have either converted funds from their parents into cryptocurrencies or achieved success through investments in high-performing altcoins.
However, the demographic with the highest number of crypto holders is South Koreans in their 40s, totaling 1,297 individuals. Each of these individuals in their 40s had an average ownership of ₩9.29 billion won or $6.95 million.
When examining crypto reserves, South Koreans in their 50s had the highest account balances. The total value across their accounts amounts to ₩13.82 trillion won, with each South Korean in their 50s averaging ₩14.86 billion won, equivalent to $11.11 million in cryptocurrency.
Stringent regulations influence South Korea’s crypto environment
Democratic Party representative Ahn Do-gul remarked on the widespread presence of crypto in the nation, emphasizing that the South Korean government must take additional measures to ensure cryptocurrencies are managed in a transparent and systematic manner.
Although the adoption of cryptocurrencies is on the rise, the South Korean government has adopted an adverse view toward the industry. Recently, regulators imposed significant oversight fees on crypto exchanges operating locally, while mandating that these exchanges keep 80% of their assets stored offline.
In July, the South Korean Ministry of Economy and Finance announced plans to implement a 20% tax on amounts exceeding the ₩2.5 million won (around $1,800) basic deduction; however, the initiation of this law has now been postponed to 2028.
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