South Korea’s Crypto Market Hits $73.4B Record
Key Takeaways
- South Korean crypto holdings reached a record high of USD 73.4 billion in December 2024.
- Trump’s re-election and regulatory developments are fuelling market growth.
- The Bank of Korea warns of risks posed by stablecoins and plans to introduce a regulatory framework.
- Political instability delays legislative reforms, but new initiatives have been announced.
Record Highs in the South Korean Crypto Market
South Korea reached a new milestone in December 2024: domestic crypto holdings surpassed 100 trillion won for the first time — equivalent to approximately USD 73.4 billion. This figure comes from the latest payment settlement report by the Bank of Korea (BOK). Compared to October 2024 (58 trillion won), this marks an increase of more than double.
What’s Driving the Surge
A key catalyst for the sharp rise was the re-election of Donald Trump as U.S. President. His crypto-friendly stance boosted the confidence of South Korean investors in digital assets. As a result, daily trading volume on South Korean crypto exchanges rose to 17.2 trillion won — five times the previous level. Deposits on the platforms also doubled.
New Laws Strengthen Investor Protection
In addition to international influences, national legislation also played a role. In July 2024, the Act on the Protection of Virtual Asset Users came into effect. It aims to prevent market manipulation and enhance investor security. However, political unrest — particularly President Yoon Suk-yeol’s attempt to impose martial law — has slowed further development of the law. Nevertheless, regulatory authorities have announced plans to continue reforms following the presidential election in June 2025.
Stricter Oversight and Market Clean-Up
As part of regulatory efforts, 14 foreign crypto exchanges — including KuCoin and MEXC — were excluded from the South Korean market due to lack of registration with local authorities. The government aims to increase market transparency and curb illegal activities.
Stablecoins in the Central Bank’s Spotlight
The Bank of Korea expressed concern over the growing use of stablecoins — digital currencies pegged to traditional fiat currencies such as the U.S. dollar. It warns that stablecoins used as a means of payment could undermine the traditional financial system. The central bank plans to establish its own regulatory framework for stablecoins by the end of 2025.
Competing with the U.S. and Japan
South Korea is competing internationally for leadership in the crypto sector. Countries like the U.S. and Japan have already made progress in launching corporate tokens and easing restrictions. Industry representatives in South Korea are calling for similar measures to ensure the country’s competitiveness.
You should read that too:
-
Asian Slots – The Best Asia-Themed Online Slot GamesReading time: ~ 3 minutes
-
Viking Slots: Best Norse-Themed Slot Games
Reading time: ~ 3 minutes
-
Danneskjold Ventures B.V. Casinos
Reading time: ~ 3 minutes
-
Easter Slots – Best Easter-Themed Slot Games
Reading time: ~ 3 minutes
-
Monster Slots: Best Monster-Themed Slot Games
Reading time: ~ 3 minutes
Our Assessment
South Korea is increasingly positioning itself as a key player in the global crypto market. A combination of political support, regulatory measures, and growing investor interest has led to a historic surge. At the same time, developments show how sensitive the market is to political and regulatory changes. The coming months — particularly the presidential election in June — will be crucial in determining the country’s future direction in digital assets. Anyone interested in crypto investments should closely monitor developments in South Korea.
| Wagering requirements | 35x bonus |
| 35x free spins winnings | |
| Minimum deposit | €20 |
| Maximum bet | €5 |
| Bonus validity | 30 days to claim |
| 14 days to wager / 7 days for free spins |
- There is no maximum bonus amount.
- 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
| Wagering requirements | 40x bonus |
| 40x free spins winnings | |
| Minimum deposit | 0.0005 BTC |
| Maximum bet | 0.00004 BTC |
| Bonus validity | 30 days after registration |
| 14 days (1st), 7 days (2nd), 1 day (3rd) |
- To get the bonus, enter the bonus code before the deposit.
- Minimum deposit: 0,07 BCH • 0,4 LTC • 233 DOG • 45 XRP • 0,01 ETH • 20 USDT • 69 ADA • 0,05 BNB • 184 TRX • 20 USDC.
- Maximum bet: 0.007 BCH • 0.0009 ETH • 0.04 LTC • 23 DOGE • 2 USDT • 4 XRP • 18 TRX • 7 ADA • 0.005 BNB • 2 USDC • 2 EUR • 2 USD.
- Free spins are provided in batches of 25 per day.
- Free spins are credited on the Gamebeat slots: Max Miner (1st), Book of Elixir (2nd) and Odin’s Tree (3rd).
| 1st deposit | 120% up to $500 + 100 Free Spins |
| 2nd deposit | 100% up to $300 + 100 Free Spins |
| 3rd deposit | 150% up to $500 + 100 Free Spins |
| 4th deposit | 100% up to $300 + 100 Free Spins |
| Wagering requirements | 45x deposit + bonus |
| 40x free spins winnings | |
| Minimum deposit | $10 (1st) |
| $15 (2nd-4th) | |
| Maximum bet | $5 per round |
| Bonus validity | 30 days to claim, 7 days (1st-4th) |
| 7 days for free spins |
- You must complete the registration and verification process, including a valid email or phone number, to qualify for this bonus.
- You must select the desired bonus during the deposit process.
- There is a maximum withdrawal limit of $10 from winnings derived from free spins.
Advertising transparency