Over the last couple of years, South Korea has grown to become a hotspot for cryptos. The region now captures a vast amount of the trade volume of digital asset in the entire world. On 20th April 2019, the Korea Financial Investment Association published a survey. From that survey, it is evident that an average South Korean crypto trader has, in the past one year, grown their crypto holdings by 64.2%.
South Korean Crypto Traders Increase Their Holdings
The results of a survey carried out by the Korea Financial Investment Association – KOFIA has been revealed by Arirang Daily News, a South Korean news outlet. 2,500 South Koreans were surveyed in the poll that was organized by the self-regulatory organization. These are people who invested in some of the cryptos such as Bitcoin, Ethereum, and Bitcoin Cash. The surveys are meant to assist in bolster the organization’s aim of ensuring that there are fair trading practices all across the market. These are the practices that allow them to monitor both the financial investments and capital markets of South Korea. 7.4% of the total surveyed individuals indicated that they own the cryptos. In addition to that, the residents of that country who are between 25 to 64 years of age, and had bought the cryptos over the last year invested an average of over $6,000.
How The Crypto Market Has Evolved In South Korea
Crypto markets were very popular among the traders from South Korea in 2017. That year alone, the numbers were higher than what KOFIA published in its recent polls. Another survey also indicates that one third of the entire country’s population had invested in cryptos in 2017. However, the average investment was less at $5,260. The other major difference between then and now is that the amount of younger crypto investors was about 80% in 2017. This helped the country’s currency, South Korean won to capture a third of the global trade volume of the virtual coins. It came right behind the US Dollar and the Japanese Yen. As at now, the currency does not miss the list of the leading five trading pairs, which is a good move.
The Growing Interest Of South Koreans In Cryptocurrencies
The latest survey indicates positivity has grown in the country’s crypto market. This has occurred despite the regulatory measures and even a hack that took place on some of the leading South Korean trading exchanges. The traders in this country have been dealing with very strict trading conditions. Last year, six crypto-related bills were tabled at the National Assembly. Despite all that, the country’s interest in crypto trading has continued to grow stronger each and every day. The first week of April saw the local traders deal with what was referred to as a Kimchi Premium. This forced the traders to pay more money for cryptocurrencies as compared to the global exchange rates. In addition to that, trade volumes in South Korea’s Localbitcoins have surpassed that all-time highs that were witnessed two years ago.