Lee Heon-seung: “Domestic crypto investors up 70% over the past three years… urgent need to overhaul the system”

The number of participants in won-denominated crypto-asset trading in South Korea has risen by about 70% over the past three years.

According to data submitted by the Financial Supervisory Service to Rep. Lee Heon-seung of the People Power Party on the 28th, the total number of trading participants across the country’s five major crypto exchanges (Upbit, Bithumb, Coinone, Streami and Korbit) increased from 5,820,929 in 2023 to 8,908,391 in 2024, and then climbed further to 9,912,219 last year. As of last year, the number of trading participants was up 70.3% from 2023.

Total trading value across the five exchanges surged from 1,122.2210 trillion won in 2023 to 2,411.3217 trillion won in 2024, but fell to 2,139.8938 trillion won last year, indicating the market has entered a correction phase.

Trading became more concentrated in large-cap crypto assets. The share of trading value accounted for by the three major crypto assets—Bitcoin, Ethereum and Ripple—rose from 20.7% in 2023 to 25.4% in 2024 and 29.3% last year, an increase of about 9 percentage points over three years. Rep. Lee explained that “a trend has been confirmed in which trading is being reorganized around high-quality crypto assets.”

By individual asset, Ethereum’s trading value increased at an average annual rate of 122.8%, while the number of trading participants rose 76.5% on average per year. Ripple posted average annual increases of 86.5% in trading value and 47.0% in trading participants, while Bitcoin recorded average annual growth of 21.1% in trading value and 49.4% in trading participants.

Rep. Lee said, “The expanding share of trading in crypto assets with large market capitalization and relatively high stability shows that the perception of crypto assets as a medium- to long-term investment is gradually spreading,” adding, “With the crypto market now entering a correction phase, this is precisely the time to expedite second-stage legislation that goes beyond simple trading regulation to encompass both investor protection and industry development.”