JAKARTA – Research conducted by a number of leading crypto exchanges in South Korea proves that Koreans like and own five crypto assets. The five cryptocurrencies are Bitcoin (BTC), Ripple (XRP), Ether (ETH), Cardano (ADA), and Dogecoin (DOGE).
Several crypto exchanges such as Upbit, Korbit, Bithumb, and Coinone have researched which coins are most attractive to local investors. Reporting from CryptoPotato, South Korean investors are reported to have Bitcoin (BTC) worth more than 5 billion US dollars (around Rp. 72 trillion). Ripple (XRP) is the second most popular digital asset as locals hold nearly 4.8 billion US dollars.
The third and fourth positions are occupied by Ethereum (ETH) and Cardano (ADA), respectively. Korean investors own about 4.5 billion US dollars (Rp. 64.9 trillion) the second largest digital asset after Bitcoin. While other investors have almost 1 billion US dollars (Rp 14.5 trillion) in the ADA coin.
The meme coin king Dogecoin (DOGE) ranks fifth of the popular cryptocurrency among South Korean investors. Investors hold DOGE worth nearly US$900 million or equivalent to Rp12.9 trillion.
Data from the study proves that Korean investors traded more than 7 trillion US dollars in crypto assets throughout 2021. This achievement surpassed the total amount traded on the main South Korea Composite Stock Price Index and transactions on the junior Kosdaq.
Some time ago, Yoon Suk-yeol, a candidate from the Conservative party was elected President of South Korea. This benefits the crypto advocates in the country. Because Yoon is known to be very pro of digital assets. In a number of campaigns, he has raised the topic of reducing crypto taxes for local investors.
In addition, Yoon also plans to make South Korea a center for crypto assets. He further promised to allow initial coin offerings (ICOs) and increase the minimum threshold for paying capital gains tax on profits from crypto investments.
He vowed to change the law and ensure that those earning less than $40,000 a year should be exempt from paying taxes. Currently, the tax is imposed on investors who earn more than US$2,000 (Rp28.9 million) per year.
Yoon's election is considered to have a positive impact on the local crypto ecosystem. This was conveyed by the Korean Blockchain Association.
“We really welcome his attitude because he believes it will improve the industry. Since ICOs are banned now, we have no choice but to issue coins in Singapore and other countries. Ventures and startups will be able to raise money easily from investors [if the ban is lifted].”
“He understands the importance of crypto. He understands the future, and it is unstoppable,” said BigONE Exchange chairman Andy Lian, who also welcomed the election of the new South Korean President, as reported by CryptoPotato.
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