Koreans Eye Expanding Crypto Holdings

A recent survey by the Hana Financial Research Institute indicates that a significant portion of South Koreans, spanning various age groups, intends to boost their investments in cryptocurrencies. This trend aligns with the newly elected President's commitment to fostering a regulatory environment favorable for won-based stablecoins, aimed at energizing the local stock market. The survey, which included 1,000 South Koreans aged 20-59, showed that 27% already hold digital assets, with 70% looking to add more in the near future. Notably, the largest group of crypto holders was found among those in their 40s, with Korean men being twice as likely as women to hold digital assets. Younger investors are attracted to high-risk trading, whereas those in their 50s are mainly focused on retirement planning. Market volatility remains a major concern for two-thirds of respondents, although only one-third worry about security risks despite half keeping their funds in exchange hot wallets. The interest in digital currencies coincides with a rise in retail interest for companies planning to issue won-based stablecoins. This follows President Lee Jae Myung's pledge to legalize such assets, promising economic benefits like reduced trade costs and increased foreign investments. A parliamentary bill echoes the U.S.'s GENIUS Act, permitting companies with equity capital as low as 500 million KRW to issue stablecoins. South Korea's stock market is thriving, partly due to enthusiasm for the Bank of Korea's digital asset initiatives. Moreover, South Korean interest in stablecoins has expanded internationally, as highlighted by significant investments in the USDC issuer Circle. Disclaimer: The Block, an independent media outlet, provides news, research, and data. It is supported by Foresight Ventures, an investor in the crypto sector. The Block remains committed to providing objective information about the crypto industry.