Gushiken Yona
South Korea throws up digital roadblocks, compelling Google to block 17 foreign crypto exchange apps from its domestic Play Store, even as a surprising silver tide floods the local market – millions of older investors are pouring into digital assets, driving unprecedented growth and creating a stark regulatory paradox for Seoul.
Google Blocks Unregistered Crypto Exchange Apps in South Korea
The crackdown targets platforms operating without proper registration within South Korea. Since late March, Google, acting on a government directive, prevents users in the country from installing or updating apps for exchanges including prominent names like KuCoin, MEXC, Poloniex, and BitMart.
Other affected platforms are Phemex, XT, Biture, CoinW, CoinEX, ZoomEX, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, and WEEX. This move significantly curtails access for South Koreans seeking to use these specific international trading venues via mobile applications.
South Korea Crypto Investor Numbers Explode Past 9.6 Million
This regulatory tightening unfolds against a backdrop of explosive growth in domestic crypto participation. A recent study reveals a staggering surge, with the number of South Koreans holding accounts on the five major registered domestic exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) soaring past 9.6 million by the end of last year.
This represents a remarkable 52.6% jump compared to the previous year. Furthermore, the total value of virtual currencies held by these investors now exceeds 100 trillion won (approximately $68 billion), highlighting the significant capital flowing into the digital asset market.
Older Generations Fuel Korean Crypto Ownership Boom
Perhaps the most striking trend revealed by the data, compiled by Democratic Party of Korea member Ahn Do-jae, is the dramatic influx of older investors. The number of investors in their 50s climbed 56.4% year-on-year, reaching 1.75 million.
Similarly, participation among those aged 60 and over leaped 52.6%, growing from roughly 371,800 to over 636,700. This demographic shift means roughly one in every four crypto investors in South Korea is now over 50, challenging the perception of crypto as solely a young person’s game.
Majority of South Korean Crypto Whales Now Over 50
This trend is even more pronounced among high-value investors. The study identifies 9,135 individuals holding over 1 billion won (approx. $680,000) across the five major exchanges. Remarkably, over half (55.1%) of these “crypto whales” are over the age of 50.
Breaking it down further, 35.2% of these large holders are in their 50s, and 19.9% are 60 or older. The average holding for these significant investors over 50 stands at a substantial 2.15 billion won (approx. $1.46 million), indicating serious investment from this demographic.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
