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Even South Korean teenagers have been unable to get past the cryptocurrency fever that engulfed most of the country's population. Although the leadership among all groups of investors in South Korea in 2021 is held by 30-year-olds.
A significant influx of investors and an increase in trading volume were observed after the financial regulator of South Korea required local marketplaces to go through official registration as a cryptocurrency service provider. The registration window will be valid until September 24 this year, after which those who have not completed the procedure will begin to receive warnings, fines of up to 50 million won, and in extreme cases even a prison term of three to five years.
Cryptocurrency deposits of teenagers, according to the largest South Korean exchanges, exceeded 4 billion won (about $3.42 million dollars), which is 400% more than a year earlier. Then the figures of 20-year-old investors barely exceeded $825,000. At the same time, the data were provided taking into account only deposits made in the equivalent of the national currency. If cryptocurrency deposits are included in the total calculation, then the total amount will be even more impressive.
As an example of the trading activity of South Korean teenagers, Yonhap News cited the total number of transactions of the top 10 investors in this age category on Upbit. Between April and July 2021, it exceeded 1,932.77 transactions. That is each of these teens traded an average of 68.6 times in four months or 17.2 times in one month.
Observing the growth dynamics of the cryptocurrency industry in the country, the South Korean authorities were quick to warn young investors about the need to be extremely careful when investing their funds in such volatile currencies.
The category of residents aged 30 to 39 remains the leader in terms of deposits in the new asset class. Their total deposits exceed 2.2 trillion won, the equivalent of $1.9 billion. As for the cryptocurrency investments of 40- and 50-year-olds, they amounted to 1.74 trillion won ($1.49 billion dollars) and 1.185 trillion won ($1.01 billion dollars), respectively. They are followed by the category of people over 60 years old with a figure of 373.54 billion won ($319.88 million dollars). At the bottom of the list are investors aged 70 and over with 40.9 billion won (over $35 million).
Among the country's largest exchanges with the most generous investors, Upbit leads with the largest trading volume. It is followed by Bithumb and Coinone. The last among the “big four” crypto exchanges operating under the new regulations of the local regulator is Korbit.
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