South Korean crypto trading exceeds stock market volume by $390 billion

Despite the fact that regulators have recently hammered South Korea’s crypto sector, the country’s crypto investor base has grown at an accelerating rate.

So far this year, the combined value of transactions on the four main crypto exchange platforms in the country has exceeded the local stock market by approximately $390 billion.

The KOSPI index represents Korea’s Exchange (KRX) listed companies.

For the year 2019, the four platforms had barely over half a million users, but that figure has climbed to well over 5.7 million this year, with clients together transferring 6.7 times as much bitcoin and cash as they did in 2020, based on FSC statistics.

Players actively involved in the crypto industry

In reality, the country is presently home to a number of very active investors: Investors transacted $531,000 on platforms on average from January to September 2021, according to data.

Conventional markets, according to many critics, have lagged for some time and are consequently unattractive to young investors, particularly those under the age of 35, because of their perceived inefficiency.

Digital asset value is increasing at a rapid rate

In contrast, this massive increase is likely to spark even more regulatory zeal. Kwon Eun-hee, a parliamentarian on the committee that made the announcement, was quoted as saying:

“Regulatory blind spots can affect investors, so a backup plan involving changes to the Business Rights Act must be developed as quickly as feasible.”

Meanwhile, the cryptocurrency’s 24-hour volumes on South Korean exchanges increased by over 30%, according to CoinMarketCap estimates, as bitcoin at one point reclaimed the vaunted $60,000 mark.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/south-korean-crypto-trading-exceeds-stock-market-volume-by-390-billion/