South Korean investors are reported to have $5 billion in Bitcoin (BTC) assets. Ripple (XRP), the second most widely used digital asset, is owned by nearly $4.8 billion by locals.
BTC and XRP lead the way
Upbit, Bithumb and Coinone, South Korea’s top crypto exchanges, conducted a study to find the most appealing digital assets for local investors. Bitcoin (BTC), the largest cryptocurrency in terms of market capitalization, is first. South Koreans have already invested over $5 billion in it. The native Ripple token – XRP, ranks second with approximately $4.8 billion distributed.
Ether (ETH), and Cardano, respectively, are in the third and fourth spots. The second-largest digital asset, ADA, is worth approximately $4.5 billion and almost $1 billion to investors.
The first ever memecoin, Dogecoin (DOGE), rounds out the top 5. It is estimated that South Koreans have nearly $900 million worth.
According to the report, local investors traded more than $7 trillion in digital assets during 2021. This figure exceeds the total amount traded on Korea Composite Stock Price Index as well as the transactions on the junior Kosdaq.
South Korea adopts the crypto path
The most closely contested presidential election in East Asia was held last month. The Conservative party’s candidate Yoon Sukyel won the election. He received only 263,000 more votes than his opponent, and was elected South Korea’s next president. He is also a strong advocate of cryptocurrency and has vowed that his country will become a hub for digital assets.
During his campaign, he pledged to allow initial coin offerings and raise the threshold for capital gains tax on crypto investments. He pledged to change the law so that anyone who earns less than $40,000 per year should not be subject to taxes. Investors who earn more than $2,000 annually are subject to such taxes.
Korea Blockchain Association, a lobbying group for crypto exchanges, envisioned that South Korea’s new leader will have a positive impact on the local digital asset market. Yoon Seong-han, Secretary General, stated:
We welcome his position as he is optimistic about the industry’s growth. We have no other choice than to issue coins in Singapore, and other countries, since ICOs are now banned. If the ban is lifted, startups and ventures will be able raise capital easily from investors.
Anndy Lian, BigONE Exchange’s Chairman, also welcomed the new President.
He understands the value of crypto. He sees the future and knows it is unstoppable.
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