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More than 185 South Koreans in their 20s own over $750,000 worth of digital assets each, based on data from Upbit and Bithumb.
As reported by Maeil Business Newspaper on Oct. 3, South Korean-based crypto exchanges Upbit and Bithumb submitted a “Virtual Asset Holding Status” report to Ahn Do-gul of the Democratic Party of Korea through the Financial Supervisory Service.
The report revealed that as many as 3,759 South Koreans held crypto accounts worth more than ₩1 billion won (around $750,000) by the end of 2023. Among them, more than 185 investors in their 20s constituted the third-largest group, each holding their assets in cryptocurrencies such as Bitcoin (BTC).
The total value of their crypto holdings amounts to ₩967.2 billion won, meaning each South Korean in their 20s possesses approximately ₩5.23 billion won (or $3.91 million) in crypto, the report reads. Industry officials suggest that these young individuals likely converted money received from their parents into cryptocurrencies or successfully invested in high-performing altcoins.
However, the age group with the most crypto owners was South Koreans in their 40s, with a total of 1,297 individuals. Each person in their 40s owned ₩9.29 billion won or $6.95 million on average.
In terms of crypto reserves, South Koreans in their 50s held the most money in their accounts. The value of their accounts combined is ₩13.82 trillion won, which means each South Korean in their 50s holds an average of ₩14.86 billion won or equal to $11.11 million worth of crypto.
Tough regulations shape South Korea’s crypto landscape
Democratic Party representative Ahn Do-gul commented on the prevalence of crypto in the country, stating that the South Korean government needs to take further steps to ensure that cryptocurrencies can be managed transparently and systematically.
Despite the growing adoption of crypto, the South Korean government has maintained an unfavorable stance on the industry, with regulators recently imposing a six-figure oversight fee on crypto exchanges operating in South Korea. The local crypto exchanges are also required to keep 80% of their assets in cold storage.
In July, the South Korean Ministry of Economy and Finance announced plans to impose a 20% tax on the amount exceeding the basic deduction of ₩2.5 million won (around $1,800), though the new law has since been delayed to 2028.