South Korean Crypto Exchange Users Reach 16 Million, with Projections to Hit 20 Million by Year-End

South Korea has seen a dramatic rise in the number of individuals using crypto exchanges, with recent reports showing that the number of crypto exchange users in the country has crossed 16 million. This surge follows a spike after the election of U.S. President Donald Trump in November, fueling growing interest in the digital asset market.

According to data submitted to Cha Gyu-geun, a representative from the Rebuilding Korea Party, there are now over 16 million crypto exchange accounts in South Korea. With a population of 51.7 million, this means that more than 30% of the population now has access to cryptocurrency exchanges. The data, compiled from the top five domestic virtual exchanges in South Korea — Upbit, Bithumb, Coinone, Korbit, and Gopax — takes into account users with multiple accounts, counting them only once.

A Continuing Surge in Crypto Adoption

Industry officials are speculating that the number of crypto users in South Korea could rise even further, with some projections suggesting that the number could reach 20 million by the end of 2025. One unnamed official, cited by Yonhap News, stated:

“Some believe the crypto market has reached a saturation point, but there is still an endless possibility for growth compared to the matured stock market.”

This rapid growth follows a significant uptick in user activity after Trump’s election victory in November 2024. Following the win, the number of crypto users spiked by over 600,000, bringing the total to 15.6 million and pushing the total value of crypto assets held by South Koreans to a substantial 102.6 trillion South Korean won ($70.3 billion). By March 2024, the number of crypto investors had already exceeded 14 million.

The Growing Role of Cryptocurrencies in South Korean Finance

The rise in crypto users comes at a time when traditional stock market participation in South Korea remains comparatively lower. According to Korea’s Securities Depository, there were only 14.1 million individual investors listed in the stock market as of December 2024, which is significantly less than the number of crypto users.

In addition to retail investors, public officials in South Korea are also increasingly holding and investing in cryptocurrencies. According to the Ethics Commission for Government Officials, 20% of the surveyed public officials have disclosed holding 14.4 billion won ($9.8 million) in crypto assets. Among the highest holdings, Seoul City Councilor Kim Hye-young reported holding a substantial 1.76 billion won ($1.2 million) in digital assets.

Regulatory Action and Challenges

Amid the growing adoption of cryptocurrencies, South Korean regulators have been taking steps to monitor and control the sector. On March 26, 2025, the Financial Intelligence Unit of the South Korean Financial Services Commission published a list of 22 unregistered platforms and 17 that had been blocked from the Google Play store, signaling the government’s efforts to keep a tight grip on the crypto space.

Despite these regulatory challenges, the explosive growth of cryptocurrency use in South Korea demonstrates a trend of increasing acceptance and adoption. With the number of users projected to keep climbing, South Korea’s crypto market continues to evolve rapidly, positioning itself as one of the key players in the global digital asset landscape.

Conclusion

South Korea’s crypto market has reached a critical milestone with 16 million crypto exchange users, representing more than 30% of the population. As industry experts predict continued growth, with figures potentially reaching 20 million by the end of the year, South Korea’s dynamic crypto sector remains a focal point for investors and regulators alike. The country’s evolving stance on cryptocurrency is helping shape the future of digital assets in Asia, with regulatory oversight and continued public interest driving the market forward. For real-time data on South Korean exchanges, check out their listings on CoinMarketCap.