EddieJayonCrypto
30 Dec 24
South Korea has seen a significant increase in cryptocurrency adoption, with over 15.5 million citizens holding digital assets, representing about 30% of the population. The country's crypto market doubled in value to reach 102.6 trillion KRW ($69 billion) by the end of November 2024. This surge is ...
South Korea's cryptocurrency market has doubled in value, reaching 102.6 trillion KRW ($69 billion) by the end of November 2024. This surge is fueled by increased investor engagement and trading volumes, driven by optimistic market activity following pro-crypto policy announcements by US President-elect Donald Trump. However, delays in implementing South Korea's cryptocurrency tax until 2027 have raised concerns about its impact on small traders. The country has experienced a dramatic surge in cryptocurrency adoption, with over 15.5 million citizens now holding digital assets, representing roughly 30% of the population. This uptick in market participation is accompanied by an increase in daily trading volumes, reaching $10.2 billion in November, comparable to South Korea's main stock markets combined. This rapid growth underscores the need for strong regulatory measures to protect investors and ensure market stability. The prolonged postponement of South Korea's cryptocurrency tax, now set to take effect in 2027, has sparked debate as it marks the third delay since its introduction in 2021. The Democratic Party (DP) cited the need for additional time to establish an effective regulatory framework for digital assets, while critics express concerns about potential adverse effects on small crypto traders. Furthermore, the editorial pieces cover a wide range of topics, including AI agents, real-world assets, NFTs, and the influence of Trump's win on crypto. These discussions offer valuable insights into the evolving landscape of cryptocurrency and its intersection with various aspects of technology and socio-political developments. As South Korea navigates the complexities of cryptocurrency regulation and taxation, the surge in market activity underscores the ongoing evolution of the digital asset landscape and the critical need for balanced, effective regulatory frameworks to support its sustainable growth.