30-somethings led crypto purchases at South Korean exchanges in 2021
Crypto customers between 30 and 39 years previous are the demographic with essentially the most deposits on main exchanges in South Korea.
According to a Sunday report from the Yonhap News Agency, South Korean residents of their thirties deposited roughly 2.2 trillion Korean gained — $1.9 billion on the time of publication — to crypto exchanges Upbit, Bithumb, Coinone and Korbit by the tip of the second quarter of 2021. South Korean youngsters have the fewest deposits at $3.4 million, however this was nonetheless a rise of greater than 400% in contrast with the $824,000 that they deposited in Q1 2021.
“All age teams are investing in digital belongings,” said Doo-Hyun Yoon, a member of the National Assembly’s Political Affairs Committee. “The authorities must be extra cautious in establishing coverage on digital belongings, together with paying particular consideration to the place of younger buyers.”
Upbit users accounted for the majority of the deposits, with 3.5 billion Korean won, 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. Earlier this year, the Financial Services Commission announced that local crypto trading platforms will be required to register as digital asset service providers before Sept. 24.
Related: South Korean FSC denies plans to shut down 11 crypto exchanges
As major crypto exchanges work to meet this deadline, smaller exchanges have reportedly considered suing the South Korean government over its alleged failure to take responsibility for excessive regulatory pressure. Under the new regulations, exchanges not in compliance may be fined up to 50 million Korean won or sentenced to up to five years in prison.