Crypto users aged 30 to 39 are the social class with the most deposits on major South Korean exchanges.
Crypto users between the age 30 to 39 are the social-class with the most deposits on major exchanges in South Korea.
Based on a report from the Yonhap news agency on Sunday, South Korean residents in their thirties deposited at least 2.2 trillion Korean won $1.9 billion at the time of publication to crypto exchanges Upbit, Bithumb, Coinone and Korbit by the end of the second quarter of 2021. South Korean teenagers are known to have the least deposits at $3.4 million and even with this there was an increase of more than 400% in comparison with the $824,000 that they deposited in Q1 2021.
“All age groups are investing in virtual assets,” said Doo-Hyun Yoon, a member of the National Assembly’s Political Affairs Committee. “The government needs to be more careful in setting up policy on virtual assets, including paying special attention to the position of young investors.”
Upbit users have the majority of the deposits with 3.5 billion Korean won with Bithumb and Coinone. During this month, Upbit became the first South Korean crypto exchanges to register with the country’s regulators. Also, this year, the financial services Commission declared that local crypto trading platforms will be needed to register as digital asset service providers.
Important crypto exchanges work to complete this within the given time with smaller exchanges trying to sue the South Korean government over its failure to take responsibility for immoderate regulatory pressure. With the latest regulations exchanges are not in agreement and may be fined up to 50 million Korean won or sentenced up to five years in jail.