South Korea’s Monetary Companies Fee has launched a survey report by the Korea Monetary Intelligence Unit.
Survey Overview and Methodology
The survey highlights vital progress within the nation’s digital asset market throughout the second half of 2023, revealing that 12% of South Korea’s inhabitants, amounting to six.45 million had been engaged in crypto buying and selling, nonetheless, solely $734 cryptocurrencies held by small buyers.
The survey coated the second half 2023, from July 1 to December 31, 2023, aiming at 29 digital asset enterprise operators, together with 22 exchanges and seven pockets/custodian companies.
The survey’s findings had been potential due to the info submitted by these companies. Nonetheless, responses from particular person companies stay confidential.
Key Findings from the FSC Survey
Development in Buying and selling Quantity and Market Capitalization
The day by day common transaction dimension for digital asset merchants shot up by 24%, hitting 3.6 trillion received, in comparison with 2.9 trillion received within the first half of 2023.
On the similar time, the full market capitalization of digital belongings noticed a whopping 53% improve, rising from 28.4 trillion received to 43.6 trillion received by the top of December 2023.
Working Income and Received Deposits
The survey discovered that digital asset companies noticed an 18% improve in whole working revenue, rising from 228 billion received to 269.3 billion received. Furthermore, deposits in received held by these companies grew by 21%, from 4.0 trillion received to 4.9 trillion received, indicating a lift in funding sentiment and market exercise within the latter a part of the yr.
Person Demographics and Funding Patterns
The variety of individuals making transactions elevated by 6.4%, from 6.06 million within the first half to six.45 million by the top of 2023. The survey discovered that probably the most energetic age group in crypto buying and selling was people of their 30s. Apparently, about 4.55 million customers had been small buyers holding lower than 1 million received (about $734) in cryptocurrencies.
Digital Asset Listings and Worth Volatility
The variety of digital asset objects traded decreased barely by 3.5%, going from 622 to 600. This was as a consequence of a rise in new listings and buying and selling suspensions.
The variety of independently listed digital belongings, managed by just one home enterprise operator, decreased by 9.3%, indicating market consolidation. Regardless of these modifications, digital asset costs remained extremely risky at 61.5%, signalling ongoing market dangers.
Enterprise Closures and Regulatory Considerations
The survey confirmed that extra digital asset companies are closing down, with 4 operators shutting down by the top of December 2023. This highlights the significance of being cautious when buying and selling and storing digital belongings with these operators.
