Industry analysis

Report: South Korea leading the crypto and blockchain adoption race

For South Korea, crypto and blockchain adoption has been among the top items on its to-do list. With a population of approximately 50 million people, South Korea is among countries that lead in crypto & blockchain adoption and it is still well on the way of sustaining the lead.

Recently, Cindicator, a platform that combines market analysis and machine learning for financial analytics, published a report ‘Korean Market Analysis’ confirming the leading role that South Korea has occupied in terms of crypto and blockchain adoption and use cases.

The analytics platform took everything into consideration – from market volumes to financial regulations. One project that features prominently on the report is the ICON blockchain platform which is South Korea’s largest blockchain project.

The report noted:

“These projects and their eventual success are obviously a great indication of what crypto believers in the country feel the new technology could do in the future.”

According to the report, the success of crypto and blockchain in the country can be attributed to the development of fair crypto taxation and overall crypto & blockchain regulations by the country’s financial watchdogs.

Although a higher appetite for crypto and blockchain usage has been exhibited by countries like Malta, Japan, Switzerland, and Estonia, South Korea has been categorized among the leading countries with a strong and steady appetite for crypto and blockchain adoption.

This has been depicted by the cryptocurrency trading activities in the country which account for approximately 30% of all the crypto-asset trading activities globally. Also, 30% of all salaried workers in the country are generally involved in virtual currency trading.

“No one in the world is as ‘blockchain enthusiast’ as them [South Koreans] and, given their recent history of being ahead of the game with innovation, it is difficult to imagine a world in which  cryptocurrencies could exist without the South Koreans’ support.”

The Cindicator report continued to note that, the South Korean crypto & blockchain space is so vibrant to a point that the addition of a new altcoin on one of the country’s exchanges is enough to attract notable investments within a very short time.

 “If you are wondering which country has the most crypto-friendly population, there can only be one possible answer: South Korea.”

Do you think South Korea will sustain the lead in crypto and blockchain adoption?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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