Crypto users aged 30-39 in South Korea are said to be the group with the greatest deposits on the country’s major exchanges.
According to a Yonhap News Agency story published on Sunday, South Korean citizens in their 30s contributed nearly 2.2 trillion KRW — $1.9 billion at the time of publication — to cryptocurrency exchanges Upbit, Bithumb, Coinone, and Korbit by the end of the second quarter of 2021. Teenagers in the country made the fewest deposits, totaling $3.4 million, although this represented a more than 400 percent increase over the $824,000 deposited by individuals under the age of 20 in Q1 2021.
“Virtual assets are being invested in by people of all ages,” said Doo-Hyun Yoon, a member of the National Assembly’s Political Affairs Committee. “The government must be more cautious in developing virtual asset policy, giving special attention to the position of young investors.”
With 3.5 billion KRW, Upbit customers accounted for the majority of deposits, followed by Bithumb and Coinone. Upbit reportedly became one of the first South Korean crypto exchanges to register with the country’s regulators earlier this month — the Financial Services Commission announced earlier this year that local crypto trading platforms would be required to register as digital asset service providers by September 24.
While big cryptocurrency exchanges attempt to fulfill this deadline, smaller exchanges are allegedly considering suing the South Korean government for its apparent failure to accept responsibility for undue regulatory pressure. The new regulations empower authorities to punish noncompliant exchanges up to 50 million KRW or imprison their operators for up to five years.