These in their 20s have highest common worth of crypto holdings
The variety of South Koreans holding greater than 1 billion gained ($720,000) in digital property stood at 10,810 as of Aug. 5, with roughly one-fifth of the inhabitants now holding accounts at one of many nation’s 5 main cryptocurrency platforms.
In line with Monetary Supervisory Service knowledge submitted to Rep. Park Seong-hoon of the principle opposition Folks Energy Celebration, the common property held by these 10,810 on the 5 alternate companies — Upbit, Bithumb, Coinone, Korbit and GOPAX — was 2.23 billion gained. This was nicely over 200 instances the common determine for all customers of those platforms, which was about 10 million gained.
Nearly all of the rich cryptocurrency holders have been in their 40s and 50s.
Whereas there have been solely 137 such crypto buyers in their 20s, their common holdings have been the best, at 2.69 billion gained per particular person.
The entire variety of customers throughout the 5 exchanges stood at 10.86 million. The most important age group was individuals in their 30s, totaling 3 million, adopted by these in their 40s, 50s and 20s, in that order.
The typical of property was larger for older teams, starting from 2.06 million gained amongst 20-somethings to 23.4 million gained amongst these aged at the very least 60.
Park’s report confirmed that 76 p.c of the rich group with over 1 billion gained in crypto used Upbit, which far surpassed the 52 p.c market share the platform had amongst all customers.
The aforementioned figures don’t embody money deposited to every platform for crypto buying and selling, which generally earns round 2 p.c curiosity.
South Korea to tax cryptocurrency from 2027
The federal government was set to impose tax on crypto capital features this yr, however it prolonged a two-year grace interval to Jan. 1, 2027 final yr. That marked the second delay on taxation of cryptocurrency for the reason that preliminary 2022 plan to impose a 22 p.c tax on annual crypto revenue exceeding 2.5 million gained.
Taxation on the rising cryptocurrency market had been a scorching subject right here, though the coverage encountered fierce political and investor backlash.
FSS knowledge confirmed that some 10 million customers on the 5 main exchanges held a complete of 111.65 trillion gained in cryptocurrency. Compared, South Korea’s nominal gross home product for 2024 is estimated to be $1.87 trillion, or about 2,590 trillion gained.
minsikyoon@heraldcorp.com
