South Korea’s FSC announces cryptocurrency market survey results for the second half of 2023

South Korea’s Financial Services Commission (FSC) announced the results of its survey of the domestic cryptocurrency market in the second half of 2023. The survey covered 29 registered crypto businesses (22 exchanges, 7 wallets and custodians).

South Korean virtual asset traders

It can be seen from the survey that the strength of South Korea’s virtual asset trading market cannot be underestimated. The transaction volume in the first half of 2023 was approximately US$2.1 billion, and increased significantly to US$2.7 billion in the second half of the year. The half-year turnover of these businesses is as high as 200 million U.S. dollars, and they have also received a large amount of Korean won deposits. In the second half of 2023, there were 4.9 trillion Korean won (approximately 3.6 billion U.S. dollars).

Korea Virtual Assets

There are about 600 currencies listed by Korean companies, among which more than 300 currencies are exclusively listed on Korean exchanges. It can be seen that The booming domestic market in Korea. However, price fluctuations also occur violently, with price fluctuations as high as 60% in half a year.

Korean virtual asset user statistics: 6.45 million people, with investments below NT$23,000 accounting for the majority

Trading users are very large and growing rapidly, in 2023 The number increased by 390,000 from the first half to the second half, reaching 6.45 million. If the population of South Korea is 50 million, it accounts for 12.9%.

However, the trading age structure is different from the general one. They are not young people in their 20s, but adults in their 30s. In addition, as many as 4.55 million people are small investors, holding only less than 1 million won in cryptocurrency, which is less than 734 US dollars.

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