As a high-tech hub known for its consumer electronics, tech giants, esports, and global innovation, perhaps it’s not surprising that a report by Cindicator revealed that South Korea will play a major role in cryptocurrency adoption. By reviewing existing data on exchange volumes, recent economic history, regulation, and trends, the tokenized fintech asset management company came to some interesting conclusions.
Based on existing evidence, the country of 50 million inhabitants and one of the world’s top 15 economies is poised to play a major role in embracing cryptocurrencies. This is due to a combination of factors such as exchange infrastructure, a high level of tech adoption, and the country’s regulatory and tax framework.
A Crypto-Friendly Population
When listing the top crypto-friendly countries in the world, rarely does South Korea make the cut. Malta, Singapore, Switzerland, and Estonia are usually more top-of-mind. However, South Koreans with their insatiable appetite for high-tech take the cake in terms of the population’s attitude.
South Koreans, in fact, account for approximately 30 percent of total cryptocurrency trading worldwide, with some 30 percent of all salaried workers owning and trading crypto assets of some kind. Certainly, the country’s recent economic history and growth is a factor, but for a fairly small country, it has a highly developed cryptocurrency exchange scene.
The South Korean Exchange Infrastructure
South Korea has a very developed cryptocurrency exchange scene with Bithumb, the biggest Korean exchange, ranking in the top spot over the last 30 days in terms of trading volume in USD, (data from November 22). There is also Upbit, Coinone, and Korbit. Most of the market is cornered by Bithumb and Upbit (86 percent).