The increased trading volume comes following the Financial Services Commission's requirement that crypto trading platforms register as digital asset service providers before Sept. 24.
Crypto users between 30 and 39 years old are the demographic with the most deposits on major exchanges in South Korea.
According to a Sunday report from the Yonhap News Agency, South Korean residents in their thirties deposited roughly 2.2 trillion Korean won — $1.9 billion at the time of publication — to crypto exchanges Upbit, Bithumb, Coinone and Korbit by the end of the second quarter of 2021. South Korean teenagers have the fewest deposits at $3.4 million, but this was still an increase of more than 400% compared with the $824,000 that they deposited in Q1 2021.
“All age groups are investing in virtual assets," said Doo-Hyun Yoon, a member of the National Assembly's Political Affairs Committee. "The government needs to be more careful in setting up policy on virtual assets, including paying special attention to the position of young investors."
Upbit users accounted for the majority of the deposits, with 3.5 billion Korean won, followed by Bithumb and Coinone. This month, Upbit reportedly became one of the first South Korean crypto exchanges to register with the country’s regulators. Earlier this year, the Financial Services Commission announced that local crypto trading platforms will be required to register as digital asset service providers before Sept. 24.
Related: South Korean FSC denies plans to shut down 11 crypto exchanges
As major crypto exchanges work to meet this deadline, smaller exchanges have reportedly considered suing the South Korean government over its alleged failure to take responsibility for excessive regulatory pressure. Under the new regulations, exchanges not in compliance may be fined up to 50 million Korean won or sentenced to up to five years in prison.
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