Domestic Virtual Asset Exchange Holdings Surpass 100 Trillion Won…Doubled After Trump's Re-election

Uk Jin

Summary

It was reported that after President Trump's re-election, the holdings of virtual assets in the top five domestic exchanges surpassed 100 trillion won for the first time.
The reason for the 2.2-fold increase in virtual asset holdings compared to October before the re-election is analyzed to be due to Trump's favorable policies towards virtual assets.
It was stated that the approval of ETFs in the U.S. and Hong Kong and the resolution of regulatory uncertainties in the EU also had a positive impact on the domestic virtual asset market.

It has been revealed that President Donald Trump's election had a significant impact on the domestic virtual asset (cryptocurrency) market. After President Trump's re-election, the market capitalization of virtual assets held by the top five exchanges surpassed 100 trillion won for the first time.

According to the payment settlement report published by the Bank of Korea on the 21st, the amount of domestic virtual assets held at the end of December last year was tallied at 104.1 trillion won, an increase of 1.4 trillion won compared to the previous month (102.6 trillion won). This is the largest scale ever recorded.

The increase is even more pronounced when compared to before the U.S. presidential election. As of the end of October last year, the amount of virtual assets held by domestic exchanges was 58 trillion won. The holdings surged 2.2 times between October and December.

This is analyzed as the effect of President Trump actively expressing a favorable stance on virtual assets during the election period.

Meanwhile, the average daily transaction amount of domestic virtual assets at the end of last year was tallied at 17.2 trillion won. This is five times the level of October (3.4 trillion won) before Trump's re-election.

Deposits also increased 2.3 times from 4.7 trillion won to 10.7 trillion won during the same period.

The Bank of Korea explained that the approval of virtual asset spot ETFs in the U.S. and Hong Kong, and the resolution of regulatory uncertainties following the implementation of the EU's crypto-asset regulation law (MiCA), also contributed to this result.

The Bank of Korea stated, "Discussions on virtual asset policies and systems are taking place at the Virtual Asset Committee, which was launched last November," and "We plan to discuss major issues such as the expansion of corporate participation in the virtual asset market, the establishment of a stablecoin regulatory framework, and the second phase of legislation for the Virtual Asset User Protection Act."