560,000 foreign nationals have Korean crypto accounts, but just 90 are active

A large number of foreign nationals have been found to have opened cryptocurrency accounts in South Korea, with a total of 560,000 accounts discovered. However, it appears that most of these accounts are inactive, with only 90 users actively using their accounts. This suggests that many of these accounts may have been opened before a ban on foreign investment in cryptocurrency was put in place in 2021. The inactivity of these accounts could have implications for the Korean cryptocurrency market, particularly if many of these accounts are found to be dormant or abandoned.

Why it matters

The number of foreign nationals with Korean crypto accounts is high, but active users are very low. This suggests a lack of engagement with Korean cryptocurrency exchanges among foreign users.

Market impact

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