South Korea’s Financial Services Commission (FSC) has released 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 Korea’s crypto market is booming!

Korean virtual asset dealer

It can be seen from the survey that the strength of South Korea’s virtual trading market cannot be underestimated. The transaction volume in the first half of 2023 was approximately US$2.1 billion, which increased significantly to US$2.7 billion in the second half of the year. These businesses have a half-year turnover of up to 200 million U.S. dollars, and 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).

First half of 2023 Growth in second half of 2023 Transaction volume 2.9 trillion won 3.6 trillion won 0.7 trillion won (+24%) Total operating profit 228 billion won 269.3 billion won 41.3 billion won (+18%) Obtained deposits 4 trillion won 4.9 trillion won 0.9 trillion won (+21%)

Korean virtual assets

There are about 600 currencies listed by Korean companies, of which more than 300 currencies are exclusively listed on Korean exchanges, which shows the prosperity of South Korea's internal market. However, price fluctuations also occur violently, with price fluctuations as high as 60% in half a year.

In the first half of 2023, in the second half of 2023, the market value increased by 28.4 trillion won, 43.6 trillion won, 15.2 trillion won (+53%). The number of listed virtual assets was 1,399, 1,333, +66 (4.7%), excluding duplicate listed currencies, 622, 600, +22 ( 3.5%) Exclusively listed 366 currencies 332 +34 (9.3%) Price fluctuation (highest price - lowest price) 62.4% 61.5% 0.9%

Statistics of virtual asset users in South Korea: 6.45 million, with the majority investing below NT$23,000.

The number of transaction users is very large and growing rapidly. From the first half to the second half of 2023, the number of transaction users will increase by 390,000 to 6.45 million. If the population of South Korea is 50 million, it accounts for 12.9%.

However, the age structure of trading 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.

First half of 2023 Growth in transaction users in the second half of 2023: 6.06 million 6.45 million + 390,000 Most users are in their 30s - 4.43 million holding less than 1 million won 4.55 million + 120,000 (+2.8 %)

This article doesn’t want to lose to South Korea! South Korea Financial Commission: There are as many as 6.45 million crypto-asset users, and 70% of investments are less than US$800. This first appeared on Chain News ABMedia.