Why South Korea Will Play a Major Role in Cryptocurrency Adoption

South Korea bitcoin cryptocurrency

As a high-tech hub known for its consumer electronics, tech giants, esports, and global innovation, perhaps its 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 worlds 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 countrys 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 populations 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 countrys 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).

South Korea cryptocurrency exchange

According to the report, there have been plenty of cases in which just the announcement of an altcoin getting listed on either of these exchanges saw its value rise by ridiculous proportions. When tron (TRX) was listed on Bithumb in April 2018, its price went from $0.03 to $0.05 in as little as three hours.

The Cindicator report states:

There is no doubt that Korean exchanges are a key element in trying to analyze the crypto phenomenon in the Asian.

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Tags: South Korea, Cryptocurrency, Korea, Adoption, Cindicator, Brie Larson