
Hold onto your digital wallets, folks! For the first time ever, the Bank of Korea has spilled the beans on crypto stats, and it's a jaw-dropper. South Korea is riding the crypto wave with a whopping 15.5 million citizens diving into the world of digital currency – that's about 30% of the population embracing the future!
By November 2024, the crypto crowd swelled by an impressive 610,000 from October, as the market buzzed with activity. The buzz? It was fueled by none other than the US President-elect Donald Trump's pro-crypto vibes that got investors all hyped up. According to the Bank of Korea's latest report, South Korea's crypto stash skyrocketed to a staggering 102.6 trillion KRW (that's $69 billion for the rest of us), nearly doubling last month's haul of 58 trillion KRW ($39 billion).
The average crypto kitty per person also jumped, from 3.87 million KRW ($2,655) in October to 6.58 million KRW ($4,400) in November. The trading floors were sizzling too, with November's daily trading volumes hitting a cool $10.2 billion, giving the stock market a run for its money.
Rep. Lim Gwang-Hyun chimed in, pointing out that virtual asset transactions are now rubbing shoulders with stock market volumes. He sounded the horn for a government-level game plan to make sure the crypto party stays safe and sound for everyone involved.
As the crypto craze sweeps South Korea, it's all sunshine and rainbows for investors, but it also rings the bell for some serious regulation to protect folks and keep the market steady. South Korea’s leaders are feeling the heat to strike the right balance.
In the midst of all this, the much-talked-about crypto tax in South Korea has been put on ice yet again, now scheduled to make its debut in 2027. This tax saga, first introduced in 2021 with an initial launch in January 2022, has seen its third delay. The delay announcement came hot off the press on December 1st after some serious back-and-forth between the Democratic Party (DP) and the People Power Party (PPP). The DP argued for more time to nail down a solid tax framework and ensure smooth sailing for digital asset regulation. Critics, however, are worried that the delay might leave small-time crypto traders in a bit of a pickle.
So, there you have it, folks! South Korea is charging full steam ahead into the crypto world, and it's sure going to be an exciting ride.