South Korean Government Publishes Cryptocurrency Report: “There is a Crazy Trend Among Koreans”

South Korea's Financial Services Commission (FSC) has published a survey that reveals a significant increase in the number of cryptocurrency users in the country. The survey shows that the number of cryptocurrency users has reached 6.45 million, accounting for 12.9% of South Korea's total population. It is noteworthy that 4.55 million of these users are small investors with cryptocurrencies worth less than $ 734.

The Korean Financial Intelligence Unit, under Gwang Park, conducted a survey of 29 reported businesses in the second half of 2023. The aim was to understand the current state of the local virtual asset market.

As the market price of virtual assets rose, there was a noticeable increase in average daily transaction size (24%), market capitalization (53%) and deposits won (21%) compared to the first half of 2023 in South Korea. Additionally, the number of users making transactions increased by 6%.

The survey also highlighted that the number of new altcoin listings in the Korean won market increased significantly by 70%. However, with a significant increase in the number of transaction suspensions in the coin market (42%), the total number of coins decreased slightly by 3.5%.

The survey warned that despite growth, volatility in virtual asset prices remained high at 62% and called on investors to make careful investment decisions. Additionally, the number of virtual asset operators announcing the closure of their businesses continues to rise to four, urging users to be extra careful.

*This is not investment advice.