Original Article Title: "Special Report on the South Korean Cryptocurrency Market: Digital Archipelago in the Kimchi Premium"

Original Article Author: Klein Labs

TL;DR:

1. Explosive Market Growth

By 2024, South Korea's total cryptocurrency market cap exceeded $74.8 billion, with the top five exchanges managing assets of $73 billion. In December, the average daily trading volume surged to $10.7 billion, surpassing the two largest stock exchanges in Korea. The unique "Kimchi Premium" phenomenon (up to a 10% premium) reflects the extreme enthusiasm of local investors.

2. Economic and Social Drivers

· Limited Investment Channels: Weak performance in real estate and the stock market has driven funds towards volatile cryptocurrency assets.

· Depreciation of the South Korean Won and Low Interest Rates: Expectations of currency devaluation and loose monetary policy have accelerated cryptocurrency allocations.

· Social Psychology: Intensified wealth anxiety among the youth views cryptocurrency as a "fast track" to upward mobility.

3. User and Ecosystem Characteristics

· Mass Participation: Approximately 25 million investors (nearly half the population), spanning all age groups, with a significant proportion of high-net-worth users in the middle-aged to elderly demographic.

· Highly Concentrated Exchange Platforms: UPbit and Bithumb dominate 98% of the market share, with local projects ("Kimchi Coins") gaining popularity.

· Chaebol Deep Engagement: Conglomerates like Samsung and Kakao are involved in public chains, exchanges, and hardware, driving ecosystem synergy.

4. Future Trends

· Favorable Policies: New President Lee Jae-myung is pushing for cryptocurrency ETFs, a Korean Won stablecoin, and STO pilots, while tax adjustments are postponed.

· Innovation Trajectory: DeFi, AI+Blockchain, and RWA (Real World Asset tokenization) are emerging as key development directions.

· Global Lessons: The Korean model balances compliance and innovation, potentially becoming a benchmark for Asia's cryptocurrency hub.

The prosperity of the South Korean market is fundamentally the result of the combined influence of economic structure, social sentiment, and policy orientation, providing a unique "high activity + strong localization" template for the global cryptocurrency ecosystem.

1. Introduction

As global cryptocurrency markets stabilize, South Korea continues to showcase an active trading scene and a surge in interest, creating an "alternative prosperity."

According to the Bank of Korea's "Annual Payment and Settlement Report" released on April 21, by the end of 2024, the total market value in South Korea had surpassed 100 trillion Korean won (approximately $748 billion). The five major domestic exchanges collectively managed $73 billion in assets. The average daily trading volume in December skyrocketed from $23.8 billion in October to $107 billion, surpassing two major South Korean stock exchanges within just two months. The annual revenue of the South Korean cryptocurrency market is projected to grow from $2.643 billion in 2024 to $6.354 billion in 2030, with a compound annual growth rate of 16.1%. As of April 2025, it has been confirmed that 25 million people have opened accounts on virtual asset trading platforms to invest in cryptocurrency. Around half of South Korea's 51 million population has invested in the cryptocurrency market. Particularly notable is the unique "Kimchi Premium" phenomenon in the South Korean cryptocurrency market, where the prices of cryptocurrencies on Korean exchanges (e.g., Bitcoin, Ethereum) are significantly higher than on major global exchanges. In March 2024, this premium reached 8.5%, peaked at 10% in November, far exceeding the global average and reflecting the high enthusiasm of local investors and the arbitrage demand under capital controls.

The massive capital inflows, wide user base, and unique market price difference effect have collectively shaped the high activity and extraordinary heat of the South Korean cryptocurrency market, positioning it as a "Golden Township" in the global cryptocurrency landscape. Why has the South Korean cryptocurrency market experienced such a rapid surge? We will analyze the deep logic behind this digital hotbed from three dimensions—driving factors, current landscape, and future opportunities. How has the political and economic structure fostered strong demand for hedging and speculation? How has the local ecosystem evolved from the "Kimchi Premium" to daily trading volumes in the billions of dollars, shaping a globally leading trading vibrancy? Looking ahead, what tracks and innovations will continue to drive the South Korean market forward?

Next, let's delve into this phenomenal prosperity.

2. Analysis of Reasons Behind the South Korean Cryptocurrency Market's Heat

2.1 Economic Reasons

Restricted Investment Channels

In South Korea, traditional investment channels are relatively limited. Within the framework of consumer choice theory, individuals facing constraints on resource allocation balance utility between different asset classes to maximize expected returns. When traditional investments such as real estate and stocks face high prices, declining returns, poor liquidity, and high entry barriers, investors naturally seek alternative assets that offer higher marginal utility.

In South Korea, traditional investment channels are facing structural challenges. Take real estate and stocks for example:

- Real Estate:

In 2023, South Korea's economic growth rate was only 1.4%. Although it rebounded to 2% in 2024, consumer and investment confidence remained weak. Against this backdrop, housing prices remain high, presenting a structural contradiction. Since 2010, prices in the capital area have risen by 47.1%, and the top five metropolitan cities have seen an increase of 76.5%. In 2024, the transaction volume in the capital area decreased by 7.5% year-on-year, with Seoul experiencing a continuous three-month decline from August to October (20.1%, 34.9%, 19.2%).

Housing Sales Price Index Trend 2010-2024 (source: KB Think)

Facing the "three highs and one low" situation of high housing prices, high loan-to-value ratios, high interest rates, and low transaction volumes, traditional real estate no longer possesses widely adaptive investment attributes, and market participation enthusiasm has noticeably cooled. Young people and low- to middle-income individuals are restricted in homeownership, prompting them to turn to emerging investment channels such as cryptocurrency, which offer high volatility and high return expectations.

- Stocks

As for the stock market, in 2024, the KOSPI (Korea Composite Stock Price Index) fell by 8.03%, far below the Shanghai Composite Index at +12.68% and the Nikkei 225 at +17.06% during the same period. The S&P 500, on the other hand, rose, widening the gap in returns between the two markets and the Korean market to 32.3%, the highest since 2000. At a time when global stock markets are generally rebounding, the Korean market is showing an "isolated downturn" situation. Investor confidence has been significantly shaken. Against the backdrop of the continued poor performance of the traditional stock market in Korea and weak profit expectations, some Korean investors are beginning to turn their attention to the higher volatility and greater return potential of the cryptocurrency field.

Low Interest Rates and Loose Monetary Environment

Interest Rates in Various Countries (source: MacroMicro)

The long-standing loose monetary policy and low-interest rate environment have prompted Korean investors to accelerate their shift to high-yield assets. Since the pandemic, the Bank of Korea has kept its benchmark interest rate at 3.5% for a long period, significantly lower than the Fed's interest rate of over 5%, leading to a decline in savings attractiveness and making it difficult for real returns to withstand inflation pressure.

In this context, there is an increasing demand for funds in high-volatility, high-return assets. Cryptocurrency has become the preferred allocation direction for risk-averse investors, especially the younger generation, due to its strong profit potential, low threshold, and high liquidity. Overall, the low-interest-rate policy has further driven funds into crypto assets by weakening the attractiveness of traditional financial instruments.

Expectation of Korean Won Depreciation

USD to KRW Chart (source: Xe)

In recent years, the Korean Won has been continuously depreciating, with the USD exchange rate reaching as low as 1473.75 Korean Won in April 2025, the lowest level since 2009. The Korean Won's depreciation, combined with high oil prices and rising supply chain costs, has increased domestic inflationary pressure. Data shows that in March 2025, the Korean CPI rose by 2.1% year-on-year, with kimchi and coffee prices increasing by 15.3% and 8.3%, respectively. Residents' real purchasing power has been eroded, putting pressure on economic recovery. Cryptocurrency, as a US dollar-denominated, globally circulating, and decentralized asset, has become a new path for investors to hedge against currency depreciation and seek asset preservation.

2.2 Social Psychological Reasons

According to the theory proposed by economist Samuelson that "Happiness = Utility / Desire," when desire rises rapidly while utility acquisition is limited, individual happiness will significantly decrease.

Long-term social class rigidity, high competition pressure, and economic fluctuations have intensified young people's wealth anxiety, making "money" a dominant life goal. According to data from the Bank of Korea in 2024, 72.4% of respondents believed that the "economic situation" is the most significant determinant of happiness. At the same time, a report from the Korea National Statistical Office in early 2025 indicated that 69.1% of the 20-39 age group listed "financial freedom" as their top life goal. In such social sentiment, slogans like "돈이 최고야 (Money is the most important)" and "현실이 개차반이야 (Reality sucks)" are popular. With traditional paths such as employment, savings, and stock market returns failing to meet the desire for wealth, cryptocurrency has become a new investment choice for young people seeking high utility and breaking through class barriers, seen as a potential channel to achieve happiness and reverse their fate.

At the same time, around the goal of "financial freedom," the consumption concept of the young generation in Korea is undergoing profound changes, further affecting their investment preferences. According to media reports such as the "Asian Economy," Korean youth are showing two typical differentiated consumer psychologies:

One is the "YOLO (You Only Live Once)" group, emphasizing living in the moment and having a high risk appetite; the other is the "YONO (You Only Need One)" group, leaning towards rational consumption and valuing asset accumulation. In the YOLO group, facing real-life pressures and class anxiety, many young people tend to see the crypto market as a "get-rich-quick opportunity" beyond the stock market, breaking through the traditional wealth path to achieve upward mobility. The YONO group, out of consideration for asset preservation and hedging economic uncertainty, is gradually shifting towards increasing savings and investments. According to a 2024 survey on Z Generation consumer trends, about 71.7% of young respondents stated that they would prioritize savings and asset allocation. Cryptocurrency has become a new investment choice due to its high returns.

Despite different consumer attitudes, both converge on the investment motivation in high-yield assets, with cryptocurrency perfectly meeting their shared psychological pursuit of returns and wealth growth.

2.3 Why is South Korea Thriving While Japan Isn't?

2.3.1 Economic Perspective: Weakness of the South Korean Won and the Need for an Alternative Pathway

· Japanese Yen: Internationally recognized as a safe-haven currency due to its extremely low interest rates and massive forex reserves. Even during yen exchange rate fluctuations, its funding advantage remains unchanged. The market is more willing to hold yen assets when facing geopolitical risks or financial turmoil to hedge against downside risks in other markets.

· South Korean Won: With a small market size, weak liquidity, and fluctuation in line with global risk sentiment. Also, its forex reserve position is weaker, with some capital controls, making it difficult to assume the same status as the yen.

Therefore, compared to Japanese investors, South Korean investors lack long-term trust and confidence in domestic currency assets and tend to seek non-domestic currency-denominated assets that can circulate globally. Cryptocurrency aligns well with investor needs.

2.3.2 Economic Perspective: Lower Traditional Investment Returns and the Pursuit of Higher Returns

· Real Estate: Real estate investment in South Korea accounts for over 50%, higher than Japan's 37%, but the overall actual yield is lower, and there are more restrictions on real estate investment:

Comparison of Real Estate Yield in Japan and South Korea (source: Klein Labs)

· Stock Market: In recent years, the South Korean stock market has been relatively weaker compared to Japan. This was particularly evident in 2024:

Comparison of Stock Markets in Japan and South Korea (source: Klein Labs)

2.3.3 Policy Perspective: South Korea's Open Attitude and Japan's Conservative Restrictions

Comparison of Cryptocurrency Policies and Attitudes in Japan and South Korea (source: Klein Labs)

2.3.4 Cultural Perspective: South Korea Pursues Rapid Wealth, Japan Focuses on Steady Accumulation

· Japan: Emphasizes "Slowly but Surely" and "Steady Financial Management." Proverbs such as "Work hard throughout your life and save little by little" (Work hard all your life, gradually save wealth) and "Wait for your family heirloom to mature" reflect the Japanese tendency toward long-term accumulation and stable growth, emphasizing values of restraint, accumulation, and patience.

· South Korea: Emphasizes "Quick Success" and "Following the Trend," with popular concepts such as "빨리빨리 (Quickly Quickly)." People tend to pursue short-term high returns, eagerly seeking rapid wealth accumulation through stock trading, cryptocurrency investment, real estate, and other means.

The prosperity of the South Korean cryptocurrency market is fundamentally the result of investors' optimal balance in terms of macroeconomics, traditional assets, government attitudes, and cultural mindset. Despite Japan being a developed East Asian country with a somewhat similar environment, it still falls slightly behind South Korea's dominant position in the global cryptocurrency market.

2.4 Inspiration of the South Korean Model for the Global Cryptocurrency Market

As the landscape of the Asian cryptocurrency market quietly shifts, the strategic value of the "Middle Way" demonstrated by South Korea is becoming more prominent. Compared to Singapore's recent tightening of regulations on local projects providing services overseas, and the slow approval and tax processes in Hong Kong and Japan, South Korea's institutional flexibility, cultural alignment, and capital environment are forming a new comparative advantage.

The Monetary Authority of Singapore (MAS) recently issued a policy requiring local projects to cease token services to overseas clients by the end of June and to end transitional support, breaking its previous "foreign-friendly" regulatory image. This abrupt policy change has led many cryptocurrency companies to reassess their market deployment in Asia and look to countries with more institutional flexibility and landing space. While Hong Kong is also actively opening up, the complex regulatory layers and cautious pace make it difficult to accommodate a large influx of project migrations in the short term.

Against this backdrop, South Korea, with its ability to integrate local resources, efficient technological implementation, and social-cultural cohesion, is emerging as a strong contender in the next round of the Asian cryptocurrency hub battle. For the global market, the key insight of the South Korean model is that regulation can be an encouraging guide rather than complete relaxation; user education and cultural adaptation are the fundamental logics of all growth; infrastructure sovereignty and international collaboration are not conflicting but are dual drivers for future development.

In the new policy game in Asia, South Korea is not only an active consumer market but also has the potential to become a regional technological innovation hub and asset management center. If the global cryptocurrency industry is to localize and take root, South Korea provides a practical model worth emulating.

3. South Korean Market User Analysis

3.1 South Korean Market User Profile

Market and Account Types: Overall Rapid Growth

· Investor Base Growth: As of January 2025, the number of individual investors registered on the five major Korean exchanges (UPbit, Bithumb, Coinone, Korbit, Gopax) reached approximately 25.25 million. This represents a growth of about 37.6% compared to the same period three years ago. This growth reflects the rapid expansion of the market, attracting a large number of new user registrations, indicating an accelerated adoption of cryptocurrency in South Korea, and a gradual increase in market penetration.

· Active User Growth: As of February 2025, the total number of accounts on Korean cryptocurrency exchanges has exceeded 25 million, with approximately 17.09 million accounts belonging to active investors. In 2024, as the market rallied, activity levels saw a significant increase: after the reelection of Trump, the number of inactive accounts decreased from around 8.57 million at the beginning of 2024 to 8.01 million by the end of the year, indicating a gradual recovery in investment confidence and a resurgence of funds flowing back into the crypto market.

· Age and Gender: Significant Growth in Young Users, Increase in Female Participation

source: Financial Services Commission of Korea

The user base of the South Korean cryptocurrency market is dominated by individuals in their 30s to 40s, accounting for over 50% of the total, indicating that mainstream trading users are concentrated in a group with strong economic power and mature investment awareness. The under-20 age group has also shown strong growth momentum, accounting for 18.6%. This data indicates that cryptocurrency is rapidly gaining popularity among the younger generation, with young people becoming an emerging force in the market, bringing greater growth potential in the future.

As age increases, the gender gap in the crypto market between women and men is gradually narrowing, especially with an increase in the participation of middle-aged and elderly women. This indicates that although the market share of young women is relatively low, the participation of women has significantly increased in the middle-aged and elderly group with stronger economic power.

source: Financial Services Commission of Korea

Age and Asset Size: Significant Generational Stratification

The South Korean cryptocurrency market is dominated by small-scale investors, with the majority of users holding less than 500,000 Korean won, especially concentrated in the younger generation. At the same time, users holding assets of 10 million Korean won or more account for 10%, a slight decrease of 0.2 percentage points from the end of 2023, and the number of users holding assets of 100 million Korean won or more has dropped to 104,000, reflecting a decline in the proportion of high-net-worth individuals in the market. In terms of the correlation between age and asset size, younger users tend to prefer small-scale investments (below 500,000 Korean won), while older users (50s and above) tend to engage in larger-scale investments (5 million Korean won or more), with this high-net-worth group becoming a key driving force in the crypto market. It is worth noting that although investors aged 60 and above account for a smaller percentage, the total value of virtual assets they hold is 13.3795 trillion Korean won. They have a relatively conservative investment tendency and manage retirement funds by investing a significant amount of money in high-market-cap currencies such as Bitcoin.

The South Korean crypto market exhibits a "two-tier structure" – young people contribute to the user base and activity level, while the middle-aged and elderly hold more assets and trading volume. This means that the market shows a very clear generational stratification in terms of user composition.

3.2 User Habit Phenomenon

3.2.1 User Asset Preference

Global Asset Ratio vs. Domestic Asset Ratio: Localized Influence

source: Financial Services Commission (South Korea)

· Continuous Growth of South Korean Virtual Asset Market: The domestic market value of virtual assets in South Korea has reached $21.2 billion, a 46% increase from last year, demonstrating rapid market expansion.

· Bitcoin Dominates the Market: Bitcoin remains the dominant asset in the Korean market, accounting for 37.2% of the total trading volume, far exceeding other assets.

· Strong Attraction of XRP in Korea: Despite its low global ranking, XRP has a market value of $588 million in the Korean market, ranking second, indicating its high popularity among Korean users.

· High Concentration of Mainstream Assets: The top ten virtual assets in the Korean market are basically consistent with the top ten globally, reflecting the Korean market's preference for mainstream assets such as ETH, DOGE, and SOL.

3.2.2 User Overall Behavior Characteristics

In the South Korean cryptocurrency market, user behavior exhibits highly centralized characteristics.

Platform Preference Concentration: According to 2024 market data, South Korea's largest cryptocurrency exchange platform UPbit holds approximately 70% to 80% of the domestic market share, demonstrating its dominant position in the local market.

2024 Trading Volume Top Four South Korean Exchange Platforms Market Share (source: Klein Labs)

Asset Preference Concentration: The premium of local projects and endorsement of trust have driven fund flows. Users are more inclined to trade "Kimchi coins" exclusively listed on the exchange platform (such as Steem Dollars, Moss Coin, Hippocrat), while the trading activity of mainstream assets is relatively lower compared to the global market; through large-scale promotional collaborations, local exchange platforms further amplify the "Kimchi premium" effect, attracting a continuous influx of funds.

3.2.3 On-Chain Usage

DEX vs. CEX Market Share (source: The Block)

As the global crypto ecosystem evolves, decentralized exchanges are rapidly emerging. As of December 2024, the global DEX spot trading volume as a proportion of CEX has risen to 13.76%, with a daily trading volume of $548.4 billion. In contrast, the South Korean market still shows a significantly higher reliance on CEX than the global average. Data shows that about 68.9% of the trading volume is still concentrated on centralized platforms, with low usage of DEX and DeFi protocols, indicating that local users tend to prefer stable and regulated trading environments.

However, South Korea's on-chain ecosystem is rapidly awakening. In 2024, the DEX trading ratio increased from 8.57% to nearly 17%, with DEX trading already accounting for 16.7% in early 2025. Platforms like Raydium and Phantom in the Solana ecosystem, favored by young Korean users for their low barriers to entry and fast listings, along with platforms like Pump.fun, have sparked retail investors' enthusiasm for DEX, driving a shift in trading behavior structure. Despite strong development momentum, constrained by local regulations and capital flow restrictions, the South Korean DeFi market has not fully exploded. To unleash its potential, a balance between "security and innovation" must still be achieved at the regulatory level to open up the growth channel of on-chain finance.

4. Overview of the South Korean Cryptocurrency Market Trading Platforms

South Korea's local trading platforms have a strong listing effect, especially mainstream platforms represented by UPbit. Once a project is listed, it often triggers significant market volatility, becoming an important indicator in the cryptocurrency market. This effect has also led many projects vying for Korean market resources to consider "securing a Korean exchange listing" as a core goal. In addition, the Korean Blockchain Week (KBW) has become a globally recognized crypto event, serving as a key platform for exchange platforms to announce listings, projects to showcase, and capital communication. This year's KBW (X: @kbwofficial) will be held from September 22-28, 2025, organized by FACTBLOCK (X: @FACTBLOCK). It will bring together global cryptocurrency professionals in Seoul.

The South Korean cryptocurrency trading market exhibits a highly concentrated pattern, dominated by five major spot trading platforms: UPbit, Bithumb, Coinone, Korbit, and Gopax.

Comparison of Market Share of South Korea's Top Four Local Exchanges 2022-2024 (source: Klein Labs)

Observing the market share of the top four South Korean local exchanges over the past three years, we can draw the following preliminary conclusions:

The top two platforms (UPbit and Bithumb) together account for over 98% of the total market share, showcasing significant top-tier monopoly effects. Although UPbit has adopted the most conservative listing policy, its market share increased from 78% to 86% last year. Bithumb saw the largest year-on-year decline in sales, possibly due to its zero-commission policy implemented in the fourth quarter of 2023, which significantly reduced sales and ended in a profit decline. This policy may have had a positive impact on user trading activity, narrowing the gap in market share between Bithumb and other platforms, indicating that this policy played a key role in enhancing platform competitiveness. Coinone and Korbit have smaller market shares but can meet niche demands through differentiation strategies, gradually expanding market share using the long-tail effect to enhance competitiveness.

4.1 UPbit

Operated by Dunamu with support from Kakao, UPbit has a wide user base, high compliance level, and is one of the first platforms in South Korea to receive a Virtual Asset Service Provider (VASP) license. Since its establishment in 2017, it has rapidly developed into a market leader in Korea, supporting direct Korean won deposits and withdrawals and attracting local Korean users, ranking among the top five cryptocurrency trading platforms globally by trading volume. Currently, UPbit offers Korean won/bitcoin/US dollar (KRW/BTC/USDT) trading pairs, with the majority of the trading volume coming from the Korean won market. UPbit boasts high liquidity and consistently ranks in the top 5 for spot trading volume among global exchange platforms.

4.2 Bithumb

Founded in 2014, Bithumb was once a leader in the Korean market and is now the second-largest liquidity exchange platform in South Korea, behind only UPbit. Bithumb is actively seeking growth and plans to go public through an initial public offering (IPO) in 2025. With its aggressive fee policy, Bithumb has recently regained market share and continues to play a significant role.

4.3 Other Korean Exchanges

Coinone is well-known for its high security and has not experienced any security incidents in its eight years of operation. It was the first Korean exchange to list Ethereum and has been active in the meme token space. Korbit, the earliest to be established, was the first to launch Korean won Bitcoin trading globally in April 2013. It was the only Korean exchange to experience the Bitcoin surge at the end of 2013. Additionally, Korbit's YouTube and Korbit Research are renowned for providing quality information.

4.4 Overseas Exchanges in Korea

In Korea, overseas exchanges such as Binance, OKX, KuCoin, Kraken, Bybit, and Coinbase have gradually attracted a large number of investors. Data from the Financial Services Commission of Korea on Virtual Asset Service Providers (VASPs) show a 2.3x increase in funds transferred to offshore VASP wallets compared to last year. The main reasons behind this phenomenon are the low stock market returns and political instability. Particularly after the martial law event in December 2024, the major local exchanges experienced service interruptions, severely undermining people's trust in the stability of these platforms. This has led more and more investors to turn to overseas exchanges and DeFi platforms.

Advantages:

Bitcoin: Korea Premium Index (source: CryptoQuant)

Korea Premium Index = (Korean Local Exchange Price − Global Average Price) / Global Average Price × 100%

The Korea Premium Index has been consistently above 0, indicating a long-term premium in the Korean cryptocurrency market compared to the global average price, reflecting strong local demand or restricted capital flow.

The main advantage of investing on overseas exchanges lies in the "Kimchi Premium," where the cryptocurrency prices on Korean exchanges are usually higher than the global market, with the premium reaching up to 20%. Investors buy at a lower price from overseas and sell at a premium domestically to make a profit. Korean exchanges mainly rely on trading commissions for revenue, and regulatory restrictions limit their business diversification. Due to the lack of derivative trading functions, investors usually choose overseas platforms such as Binance and OKX for margin trading to earn higher returns.

Limitation: Government measures. The South Korean Financial Intelligence Unit prohibits access to 17 unregistered overseas cryptocurrency exchanges, restricting users from downloading and updating apps, including KuCoin, MEXC, Phemex, etc.

5. Overview of Investment Institutions and Liquidity Providers in the South Korean Market

South Korean crypto investment institutions have three main characteristics:

The types of institutions include pure cryptocurrency venture capital (VC), corporate venture capital (CVC), and multi-strategy hedge funds. The investment stages range from seed rounds to growth stages, with industry focuses including DeFi, NFTs, Web3 games, infrastructure, and artificial intelligence. The institutions differ significantly in terms of regional presence, ecosystem development, and project incubation, with successful cases spanning globally renowned protocols and startups.

In the South Korean cryptocurrency market, investment institutions mainly include:

Hashed

· Introduction: Founded in 2017 and headquartered in Seoul, Hashed focuses on early-stage Web3 projects in the Asian market, combining capital and ecosystem development functions, strengthening community engagement through events such as the "Hashed Potato Club" and KBW.

· Notable Success Cases: Axie Infinity, The Sandbox, Decentraland, and other renowned gaming and metaverse projects

· (X:@hashed_official)

Nonce Classic

· Introduction: Established in 2018, Nonce Classic touts itself as "social network-driven VC," emphasizing team collaboration and information sharing, providing incubation support to invested projects through community mechanisms.

· Notable Success Cases: Seed round investments in projects such as Eisen, Pilgrim Protocol, and Radius, with investments mostly in Layer1 and DeFi infrastructure projects. (X:@nonceclassic)

Blocore

· Introduction: Gameberry's corporate venture capital department, focusing on "investment + incubation," specializes in Web3 games and IP projects, providing full-process support from seed to growth.

· Notable Successful Cases: Early involvement in projects such as Animoca Brands, The Sandbox, and Wemix, assisting multiple game developers in entering the global market. (X:@blocore_vc)

Samsung Next

· Introduction: Samsung Group's innovation investment department, covering diverse areas such as Web3 infrastructure, AI hardware acceleration, security monitoring, and asset management, bridging enterprise and consumer applications.

· Notable Successful Cases: Participation in Sahara AI's $43 million Series A funding round, and investments in Yuga Labs, LayerZero, Berachain, and other leading international projects. (X:@SamsungNext)

Tiger Research (타이거 리서치)

· Introduction: Known for on-chain data analysis and quantitative research, Tiger Research provides precise market-making solutions for DeFi protocols and various trading pairs through its proprietary price discovery algorithm and risk control model. Its exclusive "dynamic order book" strategy automatically adjusts order quantities based on market depth and trading tendencies. The team's services cover mainstream exchanges such as UPbit and Coinone, and actively participate in local DeFi project testnet incentive programs. (X:@TigerResearch)

Klein Labs (클라인 랩스)

· Introduction: Klein Labs is a research-driven Web3 crypto service provider, focusing on offering customized liquidity management, full-stack growth solutions, and capital strategies for ecosystem participants. Leveraging advanced data analysis and algorithmic strategies to optimize bid-ask spreads, it minimizes trade slippage. Klein Labs not only provides market-making services but also integrates marketing, listing, and fundraising support, offering a one-stop solution for projects in Korea, while engaging in early-stage project investment and incubation. (X:@kleinlabsxyz)

6. Key Projects in the Korean Market

In the Korean crypto market, a group of protocols have been gaining unexpected user recognition and growth momentum based on product fit, community operation, and channel adaptation. Below are some of the projects and protocols that have shown strong performance in the Korean market, with active community engagement and high trading participation.

6.1 Foundational Ecosystem

6.1.1 Kaia

Asia's Layer1 jointly incubated by Kakao and Naver, focusing on a distributed credential and point system. It has created over 38 million wallets, integrated with 80+ mini-apps, and has a daily active address count of 1–1.5 million. (Twitter: @KaiaChain)

6.1.2 Story Protocol

Positioned as a "programmable narrative engine," supporting IP on-chain creation and licensing. It has launched over 120 DApps, with partners including Korea's top three mainstream media outlets and leading game developers. (Twitter: @StoryProtocol)

6.1.3 Arbitrum

Established a local community, "Arbitrum Korea," and partnered with Delabs and Lotte Metaverse; the first-month registration volume increased by +45%, accounting for 28% of Korea's L2 transaction volume. (Twitter: @arbitrum)

6.1.4 Aptos

Collaborated with Supervillain Labs to host hackathons and developer salons in Seoul; driving Move education, with over 5,000 monthly active users on community DApps and a 75% year-on-year increase in developer participation. (Twitter: @Aptos)

6.1.5 Monad

Released Korean documentation and SDK, launched the "Monad Analyst Certification" course in partnership with the Seoul Digital Asset Research Institute, and the official Discord Korean community has surpassed 8,200 members. (Twitter: @monad_xyz)

6.1.6 ICP

ICP has established an official hub in Korea, and its ecosystem project, Piggycell, has integrated with Korea's largest shared charging platform and was selected for the Olympus accelerator program. (Twitter: @dfinity)

6.2 DeFi

6.2.1 Mitosis

A modular multi-chain asset management protocol that supports cross-chain lending and strategy configuration. It has launched multiple pools and has seen stable transaction growth. (X: @MitosisOrg)

6.2.2 Keplr Wallet

A Cosmos native wallet with high adoption in the Korean community; formed the "Korea Hub" with local validators, with local staking accounting for over 40% of the total network. (X: @keplrwallet)

6.2.3 Exponents Fi

Focuses on yield automation and risk management, with dynamic strategy adjustment capabilities. TVL grew by 20% in the first month online and has been well-received by professional users. (X: @Exponents_Fi)

6.2.4 Xangle

A leading on-chain data service and solutions provider that helps businesses thrive in a dynamic web3 environment. (X: @Xangle_official)

6.3 GameFi

6.3.1 MapleStory N / Nexon

The Web3 RPG developed by Nexon, "MapleStory N," has become a hit, with the $NXPC token having a market cap of over $2 billion and listed on a top-tier exchange. (X: @MaplestoryU)

6.3.2 Delabs

A subsidiary of 4:33 Games, the game "Rumble Racing Star" features an on-chain racetrack asset mechanism. The platform has over 400 million global players, and a game airdrop event attracted a large number of players. (X: @DelabsOfficial)

6.3.3 Wemix

One of South Korea's most powerful blockchain game infrastructures, with daily revenue reaching $20 million. It supports features such as DeFi, NFTs, SoFi, and hosts over 100 blockchain games worldwide. (X: @WemixNetwork)

6.3.4 BigTime

A time-traveling themed MMORPG, combining elements from Warcraft and Diablo, which has attracted a large group of hardcore action gamers in the Korean market. (X: @playbigtime)

6.3.5 FLOKI

A full-stack community ecosystem evolved from a meme, gaining a large following in Korea through its education, DeFi platform, and gaming sector. (X: @RealFlokiInu)

6.4 AI

6.4.1 FDN

Initiated by a local AI team in Korea, focusing on Web3 data collection and model training, already implemented in scenarios such as KYC, AIGC, and the Metaverse, and has received investment from Web3Labs and Kucoin Labs. (X: @project_fdn)

6.4.2 FLOCK

A decentralized AI privacy computing protocol that proposes a new paradigm of "Flock Learning Blocks" to replace data centers with on-chain mechanisms. It emphasizes data sovereignty and composability. (X: @flock_io)

6.5 SocialFi

UXLINK

Although not a local Korean project, it is highly active in the Korean community. It integrates social asset management, image-text generation, and social trading through a Telegram plugin, forming a strong community with high stickiness. (X: @UXLINKofficial)

7. Korean Marketing and Promotion Situation

7.1 Media Platforms

TokenPost

· Introduction: Founded in 2014, TokenPost has participated as an official partner media outlet in Korean government blockchain forums, Asian Cryptocurrency Summits, and technical workshops, and has conducted multiple interviews with industry key figures such as Vitalik Buterin, CZ, and Korean chaebols. It has formed a strategic alliance with mainstream financial portal Investing.com, which has 20 million users, and Nasdaq. The platform also has a data platform and industry research department, offering customized intelligence services to institutions and businesses. By 2025, its monthly traffic has exceeded 7 million, and it is building a "Korean Gateway" to the global Web3 market. (X: @tokenpostkr)

CoinNess

· Introduction: CoinNess is a leading cryptocurrency media platform in South Korea, focusing on real-time translation and publication of overseas news flashes. Its Live Feed service provides investors with real-time updates. CoinNess is also South Korea's largest institutional cryptocurrency investment information provider. CoinNess has partnered with Yonhap Infomax, a news provider under the South Korean national news agency, to exclusively provide real-time cryptocurrency sources. (X: @CoinnessGL)

Blockmedia

A professional blockchain media outlet, focusing on traditional finance and cryptocurrency market trends, project updates, and regulatory dynamics. In 2023, it was quoted 1,080 times on Telegram, with a coverage rate of 68%. Due to its emphasis on traditional finance reporting, it is slightly less timely than CoinNess but is renowned for its high quality. (X: @Blockmedia)

Cobak

Established in 2018, Cobak is a leading cryptocurrency platform in South Korea, providing global price tracking and an ad-free community. It has over 500,000 users and 100,000 wallets, has held reward activities totaling up to 10 billion Korean won, and has successfully launched more than 47 IDOs since 2019. (X: @CobakOfficial)

FACTBLOCK

Since 2018, it has hosted the Korean Blockchain Week (KBW), serving as both a media outlet and advisory body, with global influence over Web3 leaders. The 2024 event attracted 61,700+ attendees, 870+ speakers, and 300+ sponsors, showcasing its unique advantage in integrated media and industry events. (X: @FACTBLOCK)

7.2 Marketing Agencies

Despread (디스프레드)

· Introduction: A consulting company providing Go-To-Market (GTM) strategies for the South Korean market and a KoL agency. (X: @DespreadTeam)

071 Labs

· Introduction:  071labs is a top-tier marketing agency in Korea, providing KoL support networks for multiple well-known projects such as Particle Network, UXLink, Catizen, in the Korean market, and also engaging in early-stage investments. (Twitter: @071_labs)

7.3 KOL

WeCryptoTogether

· Introduction: WeCryptoTogether is one of the most influential top KOLs in the current Korean crypto community. The current core community subscribers on Telegram are close to 50,000, bringing together active DeFi enthusiasts and investors, holding significant influence and user appeal in the local market. Serving as the preferred AMA host for multiple Korean native projects, has hosted over 10 major local community AMAs by 2024. Proficient in delivering in-depth technical analysis and macro trends in bilingual Korean-English, providing rapid interpretation of new project launches and regulatory updates. (Telegram: @WeCryptoTogether)

basixally

· Introduction: The Telegram community "Basic Bitcoin Market Outlook" has over 16,000 subscribers. A highly representative Bitcoin analysis KOL in the Korean crypto community, known for a content style that combines technical analysis with keen trend awareness. Focusing on swing trading and mid-term strategies, often outputs analysis content through dimensions such as chart analysis, candlestick patterns, volume, and macro interest rate cycles. In the first quarter of 2025, the publicized BTC trading success rate of the open strategy reached 72%, widely spread within the Korean Telegram investment circle. (Telegram: @basixally98)

Coinless Man Pursuing Coins

· Introduction: A prominent YouTube video content educational KOL with significant influence in Korea. The channel's subscriber count is close to 60,000, covering various dimensions such as blockchain technology principles, introductory investment logic, and tracking market hot topics, catering to diverse needs from beginners to advanced investors. In the first half of 2025, it continues to maintain high-frequency content output, closely following global macro topics such as Federal Reserve rate dynamics, ETF approval progress, with local perspectives for interpretation. One of the most representative content creators in the crypto track on the current Korean YouTube platform. (YouTube: @cobacknam)

In addition, there are also some non-local KOLs, such as @delucinator from the English community on X, @Jinrong_web3 from the Chinese community, and @kodaiGrow from the Japanese community, who have been long-term observers and in-depth analyzers of the Korean market, providing valuable insights.

7.4 Community Channels

The top two popular channels in the Telegram community are "WeCryptoTogether" and "Hobby Lifestyle Room (@enjoymyhobby)", known for their high activity and influence in private community groups.

Here, we are fortunate to have invited the operator of "enjoymyhobby," @KimYoungTaek, and through the interview, obtained the following key concise insights regarding the "User-Channel-Market" relationship:

· Trading Volume Growth Driver: Regarding a 200% increase in trading volume over the past three years, Mr. Kim believes that "cultural factors are the main driver," reflecting the high adaptability of Korean users to mobile apps and digital finance, and the strong interest of new investors in crypto assets.

· Core User Profile: Addressing the characteristics of the main users aged 20-35, Mr. Kim believes they possess an "agile 'just do it' mentality," are "emotionally driven, pursuing brand or cute aesthetics," and "seeking returns, engaging in quick ins and outs," indicating his interest in the flexibility and experiential investment style of this demographic.

· High Leverage Trading Craze: Regarding the question of "preference for high leverage derivative trading," Mr. Kim believes that "when KOLs post proof of profit from futures trading or participation in airdrops, showcasing posts like 'earning 200% return with 5x leverage,' fans often experience strong FOMO emotions," emphasizing the role of real-time community information sharing in driving trading decisions.

· KOLs and Local Media Influence: Addressing the influence of KOLs and local media on user decisions, Mr. Kim believes that "KOLs act as a bridge to bridge the information gap," as they can break down project analyses, influence investment trends, and play a significant role in information dissemination and building user trust.

7.5 Other Promotion Channels

In addition to globally utilized platforms in the cryptocurrency industry such as X, Discord, and Telegram, the Korean market also has its unique information dissemination and community operation channels.

· KakaoTalk Open Chat Room: South Korea's most widely used instant messaging application, with 48 million MAU by the end of 2023, covering almost the entire population. The chat room is limited to 1,500 people, with relatively simplified functionality. The community tends to focus on price and market discussions, with low on-chain service engagement.

· Coinpan: South Korea's largest crypto community website, with 5.3 million MAU in 2023 and a peak daily post volume of 8,636 posts. Discussions are mainly centered around centralized exchange coins and profit sharing.

· DCInside: An anonymous discussion platform with Galleries dedicated to Bitcoin, Altcoins, NFTs, etc. Posts mainly revolve around short-term speculation discussions, with relatively limited topics on long-term technical value.

7.6 Marketing and Promotion Suggestions

(1) Core Competitiveness: Accessibility and Low Entry Barrier:

· Quick Onboarding: Korean users are highly sensitive to ease of use and interface familiarity. Projects should focus on being "newbie-friendly," creating onboarding guides, starter packs, and low-barrier tools to reduce the initial participation cost.

· Channel Promotion: Utilize native mobile channels such as KakaoTalk and mini-programs to embed educational and promotional content, helping break through user migration barriers and improve local user retention rates.

(2) Trustworthiness Combined with Aesthetics for Instant Gratification

· Establish Strong Trust: Through systematic branding and authoritative endorsements, such as partnerships with UPbit, Bithumb, and local IPs, build a "trust at first sight" impression.

· Emphasize Visual-Driven Experience: Targeting Millennials and Gen Z, prioritize UI/UX design, IP collaborations, and personified packaging to enhance emotional resonance and brand identity.

· Instant Gratification Mechanism: Cater to the "just do it" mentality of users aged 20-35 with one-click participation, limited-time airdrops, blind box interactions, etc., to improve conversion efficiency and virality.

(3) Local Media and KOL Matrix to Drive Market Penetration

Collaborate with local media and influencers to ensure information can be quickly understood, rapidly disseminated, and endorsed with trust. At the same time, avoid excessive rendering of benefits to mitigate potential regulatory and public relations risks.

8. South Korea Market Regulation Overview

· 2017: The South Korean government intervened in the cryptocurrency market for the first time, prohibiting foreign investors from opening accounts on local exchanges to curb international speculative activities.

· 2018: ICOs were completely banned to prevent fraud and excessive speculation, leading to many South Korean blockchain projects relocating their fundraising efforts to Singapore.

· 2019: The amendment of the "Specific Financial Transaction Information Act" required Virtual Asset Service Providers (VASPs) to register and comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.

· 2021: Plans were initiated to tax individual cryptocurrency gains, with the implementation set for 2024, aimed at increasing tax revenue.

· 2024:

· Enhanced Anti-Money Laundering and Stablecoin Regulation: The implementation of new rules requiring all VASPs to submit compliance reports and undergo AML audits.

· Innovation Support and Blockchain Ecosystem Development: The establishment of a national blockchain innovation center to promote the application of blockchain technology.

· Regulatory Exploration in Emerging Areas: The publication of the "Decentralized Finance Regulatory Guidelines" to strengthen the regulation of DeFi protocols.

· Tax Policy Adjustments: Amendment of the cryptocurrency tax law to raise the tax threshold and implement a progressive tax rate mechanism.

· Green Blockchain Initiative: Advancing carbon neutrality in the cryptocurrency industry and supporting mining facilities using renewable energy sources.

9. South Korea Traditional Company Participation

9.1 Kakao

Kakao has become a key driving force behind the development of the South Korean crypto industry, not only deeply involved in exchange platforms and public chain construction but also actively planning future strategies.

· UPbit Exchange: Through its subsidiary Dunamu, Kakao launched UPbit in 2017, quickly becoming one of the largest cryptocurrency exchanges in South Korea.

· Kaia: Formed by the merger of South Korean internet giant Kakao's Klaytn and Japanese messaging platform LINE's Finschia in 2024, Kaia is a Layer 1 blockchain platform dedicated to building Asia's leading Web3 infrastructure.

9.2 Samsung

As a South Korean tech giant, Samsung is driving forward with cutting-edge technology and has fully embraced the encrypted ecosystem, building a complete "on-chain and off-chain" value chain from underlying hardware to enterprise platforms and personal devices:

· Blockchain Technology Development: Its IT subsidiary, Samsung SDS, has established a blockchain division and developed the enterprise-level blockchain platform Nexledger, which features high performance, strong security, and multi-chain compatibility. It supports smart contracts and various consensus mechanisms and is widely used in finance, government, manufacturing, and other fields.

· Cryptocurrency Wallet: Samsung has integrated a cryptocurrency wallet into its Galaxy S10 smartphones, supporting various cryptocurrencies such as Bitcoin and Ethereum. The wallet utilizes private key management technology to enhance asset management accessibility. Samsung has also partnered with multiple blockchain projects to promote blockchain technology in mobile devices.

· ASIC Mining Hardware Manufacturing: Through its semiconductor division, Samsung manufactures ASIC mining machines to support cryptocurrency mining. In 2016, Samsung Semiconductor had revenue of approximately $50 billion. By 2017 (the year of the crypto bull run), revenue had increased to $65.3 billion, a growth of about 30%, primarily from the production and foundry of Bitcoin-specific ASIC mining chips.

Samsung SDS Blockchain Use Cases (source: Samsung)

9.3 Participation of Other Chaebols

Large South Korean conglomerates are actively involved in the cryptocurrency and blockchain field:

· SK Group: Through its investment in subsidiary SK Square, SK Group plans to issue its own cryptocurrency and has become the second-largest shareholder of the cryptocurrency exchange platform Korbit.

· Nexon (NXC): Nexon acquired a 65% stake in the Korbit exchange platform and is actively involved in the blockchain and cryptocurrency fields. Its game, MapleStory, also issued tokens.

· Shinhan Financial Group: Its subsidiary, Shinhan Capital, is considering investing in Korbit to further expand its business in the blockchain and cryptocurrency fields.

10. South Korea Market Future Trends Analysis

10.1 Investor Confidence and Market Sentiment

The overall sentiment in the South Korean market is currently cautious, with a clear divergence in confidence. 75% of investors are bullish on Bitcoin; however, at the same time, 46% of the respondents express concern or extreme worry, with only 24.7% being optimistic. The remaining 29.3% hold a neutral stance, reflecting the market's wariness towards high volatility.

Regarding altcoins, 36.7% of respondents expect to see an "Altcoin Season" in the third quarter of 2025, indicating investors' anticipation of a temporary resurgence in non-mainstream assets. Overall, the market sentiment exhibits characteristics of "strong expectations for major coins, partial altcoin recovery, and intensified sentiment divergence."

10.2 Scalable Growth and User Adoption

· Market Expansion: According to Grand View Research, the compound annual growth rate of the South Korean crypto market is projected to reach 16.1% from 2025 to 2030, with the estimated revenue increasing from 264.3 million USD in 2024 to 635.4 million USD by 2030.

· Surging User Base: Industry analysis suggests that by the end of 2025, the market's user base could reach 20 million, accounting for nearly 40% of the total population.

South Korea Cryptocurrency Market Forecast 2018-2030 (US$M) (source: Horizon)

10.3 Technology and Ecosystem Innovation

The South Korean crypto ecosystem is transitioning from the foundational chain and exchange stage to a diversified and regulatory-compliant era. Looking ahead, three major tracks are particularly noteworthy:

DeFi and Layer2 Advancements

Facing an external environment of "political uncertainty driving the rise in self-custody of funds" and pressure from the devaluation of the Korean won driving an increase in hedging demand, DeFi has become a rational option for capital flight and appreciation. In 2024, the global DeFi TVL surged by 211%, reaching 214 billion USD. Layer-2 solutions have also increasingly accommodated DeFi liquidity through their high throughput and low-cost features.

Deep Integration of AI and Blockchain

A South Korean telecom giant and research institutions have synchronized AI, 5G, and blockchain into the digital transformation path. SK Telecom's integration project of AI, 5G, Decentralized Identity (DID), and NFT/DAO has been piloted in Seoul and Busan, with an expected user penetration rate exceeding 15% by 2025.

RWA Asset Tokenization Track

To hedge against the volatility of fiat and traditional assets, amidst current trade frictions and escalating geopolitical uncertainties, the global economic environment is becoming increasingly turbulent. The characteristics of the Korean market also determine that RWA tokenization and the entertainment industry will be the main driving forces behind Korea's Web3 expansion. Meanwhile, stablecoins are also accelerating in development, with Lee Jaemin advocating for the prompt establishment of a Korean won stablecoin market. Currently, various assets such as gold, copyrights, and real estate in Korea are gradually moving onto the blockchain.

10.4 Product and Institutional Evolution: ETF and Financial Institution Engagement

By 2025, the Korean securities trading platform has explicitly stated its plan to "explore the issuance of cryptocurrency ETFs" to meet the incremental demand from institutional investors and align with global market trends. New Korea Bank, KB Kookmin Bank, among others, have initiated cryptocurrency asset custody and cross-border payment pilots, while NH Investment & Securities, Woori Bank, and others are advancing STO and asset tokenization projects.

11. Cryptocurrency Policy Under the New President

In June 2025, Lee Jaemin officially assumed office as the President of the 21st South Korea, and his "crypto-friendly" stance quickly translated into policy execution. In contrast to the previous administration's lagging reforms, Lee Jaemin's administration immediately pushed for the "second-stage cryptocurrency asset legislation," accelerating the establishment of a digital asset framework that emphasizes compliance and innovation.

11.1 High-Level Consensus and Policy Focus

During the election campaign, Lee Jaemin and several key candidates had already reached a "cross-party consensus on crypto commitments," supporting institutional innovations such as spot ETFs, Korean won stablecoins, and STOs. The new government is focusing on advancing in three main directions:

Introducing a tiered licensing system to clarify the boundaries of various crypto businesses; initiating a blockchain special zone plan to accelerate pilot implementation; promoting legislation on Korean won-pegged stablecoins to strengthen financial sovereignty.

11.2 ETF and Korean Won Stablecoin Dual-Drive

The government has initiated negotiations with exchanges on the trading mechanism for Bitcoin spot ETFs, aiming to attract institutional investors such as pension funds and lower the entry threshold for retail investors. Simultaneously, around the "internationalization of the Korean won," Korea is promoting stablecoin legislation, encouraging banks and digital asset institutions to jointly issue Korean won stablecoins and integrating CBDC infrastructure to advance cross-border settlement pilots. This dual-drive strategy aims to hedge against the outflow risk of USD stablecoins and enhance the Korean won's position in the Asian fintech ecosystem.

11.3 Tax Adjustment and Regulatory Upgrade

The planned 20% capital gains tax, originally scheduled to be implemented in 2025, has been postponed to 2027, with the tax-free threshold raised to 50 million KRW. The government also intends to impose a 6%-42% comprehensive income tax on high-frequency traders and is exploring a declaration mechanism for on-chain wallets, aiming to encourage compliance while curbing "shadow trading." Furthermore, an STO pilot mechanism has been launched, allowing some project parties to legally issue security tokens, opening up a new avenue for blockchain-based finance.

11.4 Policy Dividend and Platform Shuffle

The new policy will benefit compliant platforms like Upbit, potentially further strengthening their market dominance. Small and medium-sized exchanges that cannot meet technical and risk control requirements face the risk of liquidation. Overseas platforms such as Binance and KuCoin will need to address the issue of restricted traffic due to local policy tightening.

The Lee Jae-myung government is using ETFs and stablecoins as leverage to reshape the foundation of the South Korean crypto market; through tax reforms and regulatory sandboxes, it is creating institutional space for industry innovation. South Korea is steadily advancing towards becoming a digital asset powerhouse with institutional transparency and market inclusivity.

Driven by multiple factors such as active local capital, widespread participation, and relaxed policies, South Korea is rapidly emerging as a key growth center for global crypto assets. Compared to Singapore's tightening regulations and the slower pace in Hong Kong and Japan, South Korea demonstrates stronger policy execution and market momentum. For project parties, this region offers not only a highly engaged user base and a clear compliance path but also opportunities for rapid expansion through chaebol resources and the local social ecosystem.

References

Kaiko: State of the Korean Crypto Market

Financial Services Commission: Virtual Asset Service Providers Survey Results for the First Half of 24

Hankyung: 2025 Altcoin Outlook... Find the High Potential "Hidden Gem" Altcoin

Klein Labs: Kaia's Rise: Will LINE & Kakao Propel It Past TON?

Hankyung Magazine: "Yolo" Out and "Yono" Comes... How Much Will the Returns Differ Depending on the Investment Period of the Z Generation Who Spends According to Pocket Conditions?

Side Jobs: S&P500 ETF vs. KOSPI200 ETF Return Comparison, How Much Will the Returns Differ by Investment Period?

Excitement at Trump's Return, 25.25 Million Domestic Investors... Coin Market Growing Rapidly [New Coin Era]

This article is a contributed piece and does not represent the views of BlockBeats.

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