The South Korean cryptocurrency market has reached a historic milestone, with total crypto holdings at domestic exchanges surpassing ₩104.1 trillion (approx. $75 billion) for the first time. According to the Bank of Korea’s 2024 Payment and Settlement Report released on April 21, the combined valuation of digital assets held across the five major domestic exchanges doubled in just two months—from ₩58 trillion in October 2024 to ₩104.1 trillion by December.
This dramatic increase was largely fueled by Donald Trump’s reelection as U.S. president in November 2024. His crypto-friendly stance significantly boosted investor sentiment, leading to rapid price surges and heightened trading activity across major tokens, including Bitcoin.
Daily trading volume skyrocketed from ₩3.4 trillion in October to ₩17.2 trillion in December, representing a fivefold jump. Meanwhile, investor deposits rose from ₩4.7 trillion to ₩10.7 trillion during the same period, reflecting a sharp influx of new capital and heightened investor interest.
| Month | No. of Investors (10,000s) | Deposits (trillion KRW) | Holdings (trillion KRW) | Avg. Daily Trading Volume(trillion KRW) |
| July | 1672 | 4.9 | 58.6 | 2.9 |
| August | 1686 | 4.5 | 50.6 | 2.8 |
| September | 1693 | 4.4 | 54.7 | 2.8 |
| October | 1703 | 4.7 | 58 | 3.4 |
| November | 1764 | 8.8 | 102.6 | 14.9 |
| December | 1825 | 10.7 | 104.1 | 17.2 |
Another key growth driver was the easing of global regulatory uncertainty. Major developments such as the approval of spot cryptocurrency ETFs in the U.S. and Hong Kong, along with the implementation of the EU’s Markets in Crypto-Assets (MiCA) regulation, contributed to a more favorable investment environment.
The number of South Korean investors participating in the crypto market also expanded significantly. By the end of 2024, approximately 18.25 million investor accounts were registered with the five major domestic exchanges—representing around 35% of the total population.
As the market expands, regulatory frameworks are being strengthened in tandem. The Virtual Asset User Protection Act, which took effect in July 2024, mandates that exchanges separate customer funds from company assets and prohibits unfair trading practices such as market manipulation. A second legislative phase is currently under discussion, including the introduction of a separate regulatory framework for stablecoins.
