1 in 4 South Koreans own digital assets: study
One in four South Koreans owns a digital asset, with speculation, portfolio diversification, and retirement planning cited as the leading motivations for investing.
According to a new study by the Hana Financial Research Institute, 27% of Koreans aged 20-60 have invested in a digital asset as the country's 'crypto' mania hits new heights. 70% of the respondents said they intend to expand their holdings. On average, these holdings accounted for 14% of their overall financial asset portfolio.
Investors in their 40s were the most active in digital asset investing. Half the investors in their 50s hold digital assets as a retirement plan at a time when the growth of the country's once-vibrant economy has slowed down.
The East Asian nation's economy is projected to grow by 0.6% in the 2030s and contract by 0.1% in the 2040s, and the older population is now scrambling for any investment with high returns, which has drawn millions to digital currency.
1 in 4 South Koreans now invest in digital assets regularly, while the number of investors who sell in the short-term has reduced slightly, the report further noted.
'Virtual assets play a major role within investors' portfolios,' commented Yoon Sun-young, one of the lead authors of the report.
'It is necessary to prepare preemptively for the expansion of the investment ecosystem, such as diversifying virtual asset-based financial products, upgrading integrated investment management, and collaboration with the virtual asset industry.'
South Korea has been a digital asset haven for over a decade. Investors' love for high-risk investments has driven millions to digital assets, leading to the rise of the Kimchi premium, where digital assets trade significantly higher on South Korean exchanges than on other global platforms. In late 2017, the Kimchi premium went as high as 50%.
Regulators have struggled to keep up. With taxes, lawmakers voted to further extend the rollout of the 20% capital gains tax on digital asset profits to January 2027, five years after the first target deadline in 2022.
However, regulators have set strict policies for exchanges and wallets. One of these is that every user must link the exchange account to a bank account, which is meant to reduce fraud. However, according to the new study, it's the biggest inconvenience for South Korean investors who say they would prefer to link their trading accounts to multiple bank accounts.
Beyond direct trading, millions of South Koreans have targeted the stocks of digital asset companies in the U.S. Data from the Korea Securities Depository revealed that newly-listed Circle (NASDAQ: CRCL) was the most popular overseas stock for investors in June.
In the three weeks since Circle went public on June 5, South Korean investors poured $443 million into its stock, which has surged over 500%. Source: Korea Securities Depository
South Korea's central bank ditches CBDC for stablecoin
As digital assets soar in South Korea, the country's central bank has abandoned plans for a central bank digital currency (CBDC) pilot scheduled for later this year, with local reports claiming that it's now focusing on a won-pegged stablecoin.
The Bank of Korea (BOK) has been exploring a digital won for years. Earlier this year, it kicked off the first phase of the CBDC pilot, where 100,000 South Koreans tested tokenized deposits while lenders tested a wholesale CBDC. The second phase was set to start in October.
However, according to local outlets, the central bank temporarily halted the second phase as conflicts emerged with the participating commercial lenders, including Hana Bank, Kookmin Bank, and Kakao Bank.
The conflict is centered on the rapid adoption of stablecoins in the country, with the lenders now switching to competing on the new front.
The new administration, led by President Lee Jae‑myung, has been pushing for won-pegged stablecoins, which was one of the Democratic Party's campaign pledges. Under the Digital Asset Basics Act, introduced last month, companies can issue a stablecoin with as little as $400,000 in capital.
A source at one of the top banks says the CBDC pilot has been costly for the lenders, and they now intend to channel these resources to issuing a stablecoin.
Watch | The Strategic Shift 2025 Highlights: Transforming industries with SaaS & blockchain
title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
28 minutes ago
- Reuters
Explainer: Why are farm goods holding up the India-U.S. trade deal?
MUMBAI, July 3 (Reuters) - U.S. and India trade negotiators were pushing on Wednesday to finalise a tariff-reducing deal ahead of President Donald Trump's July 9 negotiating deadline, but disagreements over U.S. dairy and agriculture remained unresolved. Agriculture and its allied areas contribute just 16% to India's $3.9 trillion economy, but sustain nearly half of the country's 1.4 billion population. As farmers remain the most powerful voting bloc, Prime Minister Narendra Modi's government was forced into a rare retreat four years ago when it tried to push through controversial farm laws. The prospect of cheaper imports from the United States threatens to drive down local prices, handing the opposition a fresh opportunity to attack the government. New Delhi has traditionally kept agriculture out of Free Trade Agreements with other nations. Granting market access to the U.S. could force India to extend similar concessions to other trading partners. The average Indian farm comprises just 1.08 hectares, compared to 187 hectares in the United States. In dairy, the average herd size in India is two to three animals per farmer, compared to hundreds in the United States. This difference makes it difficult for small Indian farmers to compete with their U.S. counterparts. Farming in India remains largely unmechanized because small, fragmented land holdings leave little room for large machinery. In many regions, farmers rely on techniques passed down through generations, a sharp contrast to U.S. farms, where cutting-edge equipment and AI-driven technologies have raised productivity. The United States is pressing India to open its markets to a wide range of American products, including dairy, poultry, corn, soybeans, rice, wheat, ethanol, citrus fruits, almonds, pecans, apples, grapes, canned peaches, chocolates, cookies, and frozen French fries. While India is willing to grant greater access to U.S. dry fruits and apples, it is holding back on allowing imports of corn, soybeans, wheat, and dairy products. India does not allow genetically modified (GM) food crops, while most U.S. corn and soybean production is GM-based. Dairy remains a sensitive issue in India, where cultural and dietary preferences strongly influence food choices. Indian consumers are particularly concerned that cattle in the U.S. are often fed with animal by-products, a practice that conflicts with Indian food habits. A key aim of India's Ethanol Blended Petrol (EBP) program is to cut dependence on energy imports by blending domestically-produced ethanol with gasoline. Significant investments by domestic companies mean that India is now close to achieving its ambitious target of blending 20% ethanol. Importing ethanol would undermine those companies. The EBP also helps manage surpluses of rice, sugarcane, and corn by diverting them to ethanol production. Allowing imports of U.S. ethanol would be a serious setback for India's emerging distillery sector.
Auto Blog
an hour ago
- Auto Blog
6 Reasons Why Mazda Won't Like Nissan's New Electric Sedan in China
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Nissan has an emerging hit on its hands Nissan launched its $17,000 N7 electric sedan in China on April 28, and the model has already received over 20,000 orders. In May, Nissan delivered 3,034 N7s in China, while the Mazda EZ-6, a competing electric sedan starting at $19,600, sold 1,821 units. Nissan confirmed that the N7 will expand to global markets, but hasn't yet specified which countries. While the N7 and the EZ-6 didn't sell as many units in May as models like Toyota's new bZ3X electric SUV, the two vehicles are helping deliver the value that Chinese consumers are looking for in an electric sedan, and Nissan has Mazda beat beyond price. Both models are comparable in size, with the N7 measuring 194 inches in length and 74.6 inches in width, and the EZ-6 measuring 193.7 inches in length and 74.6 inches in width. The N7 offers two motor options with 215 and 268 horsepower, respectively, while the EZ-6's electric powertrain delivers 258 horsepower. An EZ-6 gets you from 0-62 MPH in 6.2 seconds, and the 268-horsepower N7 isn't far behind at 6.9 seconds. While Mazda offers an extended-range electric vehicle (EREV) EZ-6 that's fundamentally an electric car, this version also features a 1.5-liter gas engine used as a battery recharging generator, so we'll focus on the EV version. The N7 rounds out its value with solid range, tech, and trunk space Regarding range, the N7's two lithium-iron-phosphate (LFP) battery options—58 kWh and 73 kWh—yield 335 miles and 388 miles of range, respectively. Mazda's fully electric EZ-6 offers a 373-mile range. You'll pay $19,200 to $20,800 for a 73 kWh N7 in China, placing it neck and neck with the EZ-6 in terms of pricing. Those prioritizing charging speed will favor the N7, which charges from 10% to 80% in 19 minutes, three minutes faster than the EZ-6. Inside, Nissan's N7 contains a 15.6-inch center console display, while the EX-6 features a 14.6-inch infotainment screen. You'll also get more trunk space within an N7 at 17.8 cu ft compared to this Mazda's 12.3 cu ft. The EX-6 offers a bit more curb appeal than the N7 with a sportier look, but the N7's exterior seems to mirror the modern, minimalist EV design sentiment that consumers are after from brands like Tesla. While Nissan hasn't yet confirmed which markets the N7 will first expand to, Japan and Australia are rumored to be frontrunners, according to Carscoops. Other possibilities include Malaysia and limited European markets. In 45 days, Nissan has moved 10,000 N7 units, indicating promising growth from May's 3,034 deliveries. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Final thoughts Nissan has historically experienced struggles in the Chinese and American EV markets, so the N7's early momentum is a bigger win for the automaker than it may seem. Drivers in the U.S. can also look forward to Nissan's redesigned Leaf SUV that's debuting in the fall. The 2026 Leaf is expected to cost more than the N7, with an unconfirmed starting price in the mid-$30,000s, but it remains more accessible than many electric SUVs in its class. About the Author Cody Carlson View Profile
Auto Blog
an hour ago
- Auto Blog
Hyundai Ioniq 6 N Teased One Last Time With Serious Performance Cred
Hyundai Teases Ioniq 6 N Performance Again Last month, Hyundai began the teaser campaign for its upcoming Ioniq 6 N, a performance-focused electric sedan in the same vein as the Ioniq 5 N crossover. Only it won't be quite the same as the Ioniq 5 N, says Hyundai. The Korean automaker has teased the sedan once more, announcing that it will be revealed on July 10 at the Goodwood Festival of Speed, and revealing that significant changes under the skin will set the Ioniq 6 N apart from its taller sibling. There are three major points of interest to discuss, along with a short teaser video (embedded at the bottom of this article), so let's get started. Fully Redesigned Suspension Geometry Source: Hyundai Much of the speculation surrounding the Ioniq 6 N had centered around the idea that this will be little more than an Ioniq 5 N with a new body sitting on top of it. While the Ioniq 5 N would make a fine foundation for a new performance EV, the Ioniq 6 N is not pasting everything it's copied from the crossover. With a lower ride height, the Ioniq 6 N has unique suspension geometry with a lower roll center and enlarged caster trail (the distance between the point where the steering axis intersects the ground and the center of the tire's contact patch). This, says Hyundai, should improve the on-center steering feel and self-centering behavior, as well as result in more feedback through the wheel. Finally, new electronically controlled stroke sensing dampers promise to offer the Goldilocks balance between comfort and precision. Better Simulated Shifts And Sounds Source: Hyundai Hyundai also touts 'advanced' N e-shift technology that is now available in every drive mode. This is a big deal because, as many a reviewer has bemoaned, the Ioniq 5 N can't provide simulated shifts when in its drift mode, so this change could make the Ioniq 6 N even more fun to drive. Hyundai says the new system will closely mimic motorsport-inspired close gear ratios, and the addition of a new 'N Ambient Shift Light' should further enhance engagement with the car. The sounds in the teaser clip below also seem to be inspired more by a naturally aspirated engine than a turbocharged one, so everything about the Ioniq 6 N should be just a little more exciting than it is in the 5 N. Even Happier To Drift Than The 5 N The last piece of information provided by Hyundai is that the N Drift Optimizer, or drift mode, has been enhanced with a broader range of customization options that promise tailored control based on skill level. It sounds to us a lot like the 10-stage traction control system in a BMW M4 or the eight-stage system in the Aston Martin Vantage. In a nutshell, the Ioniq 6 N will be even more thrilling to drive than the Ioniq 5 N, and that's a car almost universally regarded as the most enjoyable EV on the market. See you in a week for more. About the Author Sebastian Cenizo View Profile
