A study by the crypto exchanges Upbit and Bithumb shows the growing influence of cryptocurrencies among young South Koreans. More than 180 South Koreans in their 20s have crypto assets worth over KRW 1 billion, or $750,000.
As reported in the local Maeil Business Newspaper, nearly 3,759 individuals in South Korea have crypto accounts with a value of more than KRW 1 billion. Of these crypto billionaires, about 185 are investors aged between 20 and 29.
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These young crypto investors collectively hold about 967.2 billion ($739 million), with an average of around KRW 5.2 billion ($3.9 million) each. Industry experts say these young crypto billionaires may have earned their wealth through strategic investment decisions and by diversifying inherited wealth.
The report also found that the largest number of crypto billionaires was in the 40s age group. Nearly 1,297 people aged between 40 and 49 held crypto accounts worth over KRW 1 billion. However, those above 50 years held the most cryptocurrency overall.
This increase in the number of crypto holders in South Korea could be because of the country’s efforts to support the cryptocurrency industry. With newly launched regulatory measures and innovations, the nation is working to build its crypto market.
South Korea’s Crypto Regulations
Recently, South Korea passed its first user protection act, which aims to protect crypto customers. Financial Supervisory Service (FSS) Governor Lee Bok-hyun announced plans for a new joint response system to combat crypto fraud and cybercrime. Also, the Financial Services Commission (FSC) has approved the Digital Asset Protection Foundation, an organization created to safeguard crypto assets.
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Recently, Democratic Party lawmaker Kim Young-hwan proposed an amendment to the country’s Improper Solicitation and Graft Act. The proposal would expand the definition of “improper solicitation” to include crypto and insider information sharing.