By admin 
Korean investors are jumping on Trump’s crypto enthusiasm
Bitcoin’s price is displayed on a screen at a Bithumb lounge in southern Seoul on November 22. (Newsis)
The South Korean cryptocurrency market showed rapid growth in November, with trading volume overtaking that of the stock market and the total number of accounts surpassing 15 million during an elevated bull run fueled by the US president’s pro-crypto stance.
The number of crypto accounts in Korea rose to 15.59 million last month, nearly a third of the country’s population, adding 610,000 to the figure tallied in October, according to data from the Bank of Korea. have been submitted to Representative Lim Kwang-hyun of the Democratic Party. Party turned out on Wednesday.
The increase comes as bitcoin, the mainstay of cryptocurrency investing, hits new highs.
The price of bitcoin, which fell below $70,000 just before the US presidential elections, rose by as much as 50 percent in the past month after Trump’s election victory.
The number of investors in virtual assets here has steadily increased by about 100,000 per month, from 14.74 million in July, 14.82 million in August to 14.88 million in September and 14.98 million in October.
The data was based on account holders of the country’s five largest crypto exchanges: Upbit, Bithumb, Coinone, Korbit, Huobi and Gopax. Those who have accounts on multiple platforms were counted separately.
This is the first time the country’s central bank has released data related to crypto assets following the implementation of the Virtual Asset User Protection Act. The new cryptocurrency law, which was passed in July, allows the BOK to collect such information from crypto exchange operators.
At the end of November, the total amount of virtual assets held by domestic investors reached 102.6 trillion won based on market valuation, showing a sharp increase from 58 trillion won and 54.7 trillion won in October and September, respectively.
The volume of transactions also poses a threat to the domestic stock market. The average daily trading volume on domestic virtual asset exchanges reached 14.9 trillion won in the month, matching the combined size of the benchmark Kospi market of 9.92 trillion won and the secondary Kosdaq of 6.97 trillion won in the same month.
“The government must be fully prepared to facilitate the stability of the crypto asset market while protecting the interests of users,” Rep. Lim said.
Amid possible shifts in US crypto policy under incoming President Trump, who is heavily backing the crypto market’s strong upward trend, the Korean government is taking a cautious approach to virtual assets as it seeks to refine crypto-related regulations.
The National Assembly recently announced a decision to postpone the introduction of crypto tax until 2027. “The recent tax postponement is because it is the early stage of the implementation of new regulations, and we deemed monitoring necessary,” Finance Minister Choi Sang told mug to foreign journalists. in Seoul on December 18. “The Bank of Korea and other relevant authorities are preparing how virtual assets could be regulated domestically, and if the new US administration’s proposals materialize, we plan to prepare a response.”