South Korea, ranked fourth in CoinDesk’s Crypto Hubs 2023, has a large number of registered crypto users, particularly in Seoul. However, the collapse of the Terra blockchain, previously a popular crypto project in South Korea, has left the country recovering. Korean retail investors have the ability to influence global markets, as seen with the surge in XRP trading on UpBit, Korea’s largest exchange. Korean retail traders are known for boosting various coins, and the Korean won is consistently one of the top currencies traded against Bitcoin. The country has a high level of awareness and interest in crypto, with nearly seven million registered users, representing approximately 14% of the total population.
Seoul, in particular, is appealing as a global crypto hub due to its fast-paced and entrepreneurial environment. Asia’s prominence in the crypto industry is growing, especially following regulatory crackdowns in the United States. South Korea’s crypto community highlights Seoul’s openness to experimentation, gaming expertise, and strong community of builders. The city benefits from excellent internet connectivity and a mobile-savvy population, with near-universal broadband access and the fastest 5G download speed.
However, regulatory challenges in South Korea may hinder the growth of the crypto industry. The collapse of the Terra Luna project and the resulting impact on Korean investors have dampened political enthusiasm for crypto. Some in the Korean community believe that regulations primarily focus on fighting crime rather than fostering industry growth. The recent arrest of Terraform Labs co-founder Do Kwon in Montenegro may signal a shift in the political mood. Nevertheless, a future bull market could provide a boost to the vibrant crypto market in Seoul.
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