For South Korea, crypto & 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 & blockchain 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 & 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 & 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 & blockchain use cases.
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 & blockchain adoption?
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