Crypto Boom in South Korea: 32% of Population Engaged

South Korea's crypto market has reached a significant milestone. According to SBS, as of the end of February 2025, the number of users

South Korea’s crypto market has reached a significant milestone. According to SBS, as of the end of February 2025, the number of users on the country’s virtual asset exchanges hit 16.29 million.

This figure represents about 32% of the population, highlighting the increasing engagement with cryptocurrencies. In comparison, the number of traditional stock market investors stands at 14.1 million.

Major Exchanges See Massive Participation

The data includes users from the five leading cryptocurrency exchanges in South Korea, encompassing platforms like Upbit, Bithumb, Coinone, Korbit, and GOPAX.

These figures include duplicated accounts, given that many users maintain multiple accounts across different exchanges to capitalize on varied trading benefits.

According to SBS, as of the end of February 2025, Korea's virtual asset exchanges had a total of 16.29 million users, which is about 32% of the population and surpasses the 14.1 million stock market investors. The figure includes duplicated users, as it combines the number of users on the five major exchanges.

The five major cryptocurrency exchanges in Korea are Upbit, Bithumb, Coinone, Korbit, and GOPAX. Among them, Upbit has the largest number of users, followed by Bithumb and Coinone.

The report also notes that the number of cryptocurrency users has been steadily increasing since 2020, when the government began imposing stricter regulations on the cryptocurrency market. In 2020, the number of cryptocurrency users was 10.1 million, and by the end of 2021, it reached 12.8 million.

As of February 2025, the number of cryptocurrency users had increased to 16.29 million, surpassing the 14.1 million stock market investors.

This growth can be attributed to several factors, including the increasing accessibility of crypto platforms, the speculative appeal of cryptocurrencies for younger generations seeking higher returns, and the structured regulatory environment in South Korea, which has boosted investor confidence and exchange reliability.

As the government continues monitoring and regulating the crypto space, further growth and mainstream adoption are anticipated.