South Korea’s crypto market skyrocketed in the first half of 2024, with 7.8 million investors and daily trading volumes rising by 67% to $4.4 billion.

Korea’s crypto market has seen a significant expansion in the first half of 2024, driven by a surge in Bitcoin (BTC) prices and growing investor interest. The number of crypto investors in South Korea rose to 7.8 million, up 21% from 6.45 million in the second half of 2023, South Korean daily newspaper Hankook Ilbo reports, citing data from the Financial Intelligence Unit of the Financial Services Commission.

Daily trading volumes also skyrocketed, climbing 67% to $4.4 billion, while the market capitalization reached approximately $40 billion, reflecting a 27% increase. The surge appears to be also fueled by Bitcoin’s recent rally, which saw prices surpass $73,000, reigniting interest in cryptocurrencies.

Demographically, male investors in their 30s comprise the largest segment, totaling 1.58 million, followed by those in their 40s (1.5 million) and under 30 (1.08 million). Male investors represent 68% of the overall market, the report reads, adding that 67% of investors hold crypto worth less than $375, while approximately 10% maintain portfolios exceeding $7,500. Only 1.3% possess assets over $75,000.

In response to these market dynamics, South Korea plans to tighten regulations, introducing measures for enhanced oversight of trading activities. As Coin Insider Daily reported earlier, the government is considering regulations that would require firms engaged in cross-border crypto trading to register with authorities and report their monthly transaction details to the Bank of Korea, the nation’s central bank.