30s led crypto buys on South Korean exchanges in 2021

[ad_1]

Crypto users between the ages of 30 and 39 in South Korea are said to be the demographic with the most deposits on the country’s major exchanges.

South Korean residents in their 30s have deposited around 2.2 trillion KRW $ 1.9 billion at the time of publication to crypto exchanges Upbit, Bithumb, Coinone and Korbit, according to a Sunday report by Yonhap News Agency. by the end of the second quarter of 2021. Teens nationwide were the group with the fewest deposits at $ 3.4 million, but this still represented an increase of over 400% from the $ 824,000 in deposits. under 20s filed in the first quarter of 2021.

All age groups invest in virtual assets, ”said Doo-Hyun Yoon, member of the National Assembly’s Political Affairs Committee. “The government needs to be more careful in implementing a policy on virtual assets, including paying particular attention to the position of young investors.”

Upbit users made up the majority of deposits with KRW 3.5 billion, followed by Bithumb and Coinone. This month, Upbit reportedly became one of the first South Korean crypto exchanges to register with the country’s regulators.

Related: South Korean FSC Denies Plan to Close 11 Crypto Exchanges

As major crypto exchanges strive to meet this deadline, smaller ones have reportedly considered suing the South Korean government for its alleged failure to take responsibility for excessive regulatory pressure. The new regulations allow authorities to fine up to KRW 50 million on non-compliant exchanges or have their operators face up to five years in prison.

[ad_2]