Thirties led crypto buys on South Korean exchanges in 2021

Crypto users between the ages of 30 and 39 in South Korea are said to be the demographic with the most deposits on the country’s major ex...



Crypto users between the ages of 30 and 39 in South Korea are said to be the demographic with the most deposits on the country’s major exchanges.

According to a Sunday report by the Yonhap News Agency, South Korean residents in their 30s deposit approximately KRW 2.2 trillion – $ 1.9 billion at time of publication – to crypto exchanges Upbit, Bithumb, Coinone and Korbit by the end of the second quarter of 2021. Teens nationwide represented the group with the less deposits at $ 3.4 million, but it was still an increase of over 400% from the $ 824,000 for under 20s deposit in the first quarter of 2021.

“All age groups invest in virtual assets,” said Doo-Hyun Yoon, a member of the National Assembly’s political affairs committee. “The government needs to be more careful in implementing a policy on virtual assets, including paying particular attention to the position of young investors.”

Upbit users made up the majority of deposits with KRW 3.5 billion, followed by Bithumb and Coinone. This month, Upbit reportedly became one of the first South Korean crypto exchanges to register with the country’s regulators – the Financial Services Commission announced earlier this year that local crypto trading platforms will be required to register as a digital asset service provider before September 24.

Related: South Korean FSC denies plans to shut down 11 crypto exchanges

As major crypto exchanges strive to meet this deadline, smaller ones have reportedly been plans to sue the South Korean government on its alleged failure to take responsibility for excessive regulatory pressure. The new regulations allow authorities to impose a fine of up to KRW 50 million on non-compliant stock exchanges or that their operators face up to five years in prison.