The demographic with the biggest deposits on major exchanges in South Korea is crypto users aged 30 to 39. The transfers were around 2.2 trillion Korean won by the end of the second quarter of 2021.
South Korean individuals in their thirties transferred around 2.2 trillion Korean won ($1.9 billion at the time of publication) to crypto exchanges Upbit, Bithumb, Coinone, and Korbit by the end of the second quarter of 2021, according to a Sunday report from the Yonhap News Agency.
South Korean adolescents made the fewest deposits, totalling $3.4 million, but this was nevertheless a 400 percent increase over the $824,000 they put down in Q1 2021.
Doo-Hyun Yoon, a member of the National Assembly’s Political Affairs Committee, remarked, “All age groups are investing in virtual assets.”
“When it comes to establishing policy on virtual assets, the government needs to be more cautious, giving special attention to the position of young investors.”
Upbit users made the most deposits, accounting for 3.5 billion Korean won, followed by Bithumb and Coinone. Upbit is said to be one of the first South Korean crypto exchanges to register with the country’s regulators this month.
The Financial Services Commission declared earlier this year that local crypto trading platforms must register as digital asset service providers by September 24.
Smaller exchanges have allegedly pondered suing the South Korean government for its apparent inability to accept responsibility for undue regulatory pressure as major crypto exchanges struggle to achieve this deadline.
Exchanges that do not comply with the new legislation may be fined up to 50 million Korean won or sentenced to up to five years in prison.