South Korea’s crypto market remains one of the most active in the world, but corporate money still cannot properly enter the domestic market because business accounts have not been broadly opened. In its latest analysis, Tiger Research said the Korean won has accounted for roughly 30% of global crypto trading volume by fiat in recent years, second only to the U.S. dollar. At peak periods, that share rose above 50% and briefly exceeded the dollar.
That level of activity stands out when measured against South Korea’s population and economic size. The report argues, however, that local industry growth has not kept pace with trading activity, and that the market is still heavily dependent on retail traders.
Retail activity drives volume, but corporate demand is largely missing
Tiger Research said the gap can also be seen in company valuations. While it noted that direct comparisons across countries have limits because capital markets and business scopes differ, the difference remains large. Dunamu, the operator of Upbit and South Korea’s biggest crypto company, is valued at about one-seventh of Coinbase.
The report describes South Korea’s market as one supported mainly by retail traders, with regulation keeping small and mid-sized companies out. It contrasts that with the U.S. market, where institutions account for more than 80% of Coinbase trading volume and provide the base layer of demand. South Korea has produced substantial trading volume, but corporate demand is mostly absent, which in Tiger Research’s view has held back the industry’s next stage.
The planned rollout for corporate access has slipped
According to the report, South Korea’s Financial Services Commission had planned in 2025 to first allow about 3,500 listed companies and registered professional investment corporations to trade crypto assets for investment purposes, then widen access in stages. That first phase has yet to begin, and there is still no timetable for broader corporate entry.
Tiger Research said that once corporate accounts are opened, the demand base would widen materially. Using the assets under management of private financial institutions and public funds such as pension funds, and referencing allocation ratios in more mature markets where corporate participation is more established in 2027, the report estimates an upper bound of about 16 trillion won in corporate crypto assets under management for South Korea.
Upper-bound estimate reaches 82 trillion won by 2030
The report then models a larger market from 2028 onward by incorporating both asset growth and higher allocation ratios. Private financial institutions are calculated using the 5% investment cap that has been discussed in South Korea, while public funds are modeled more conservatively at 2%.
Under those assumptions, South Korea’s corporate crypto assets under management would reach about 35.2 trillion won in 2028, 57.1 trillion won in 2029, and as much as 82 trillion won in 2030. Tiger Research said this is a potential upper bound rather than a forecast, and actual market size would still depend on the pace of regulation and broader market conditions.
Institutional service revenue could reach 570 billion won a year
The report says corporate entry would not stop at trading. Large orders need reliable execution. Assets need secure custody. Treasury and risk management also become necessary as exposure grows. That opens room for custody, prime brokerage and related institutional services, reducing reliance on centralized exchange fees as the only major revenue source.
Based on overseas revenue models for corporate markets, Tiger Research estimates that if corporate crypto assets under management reach 82 trillion won by 2030, annual revenue from institutional-facing services could total about 570 billion won. That figure includes trading fees as well as custody, execution and treasury management revenue.
As corporate asset balances grow, demand for custody and prime brokerage typically strengthens as well. The report presents those businesses as a potential new source of income for South Korea’s crypto industry beyond retail trading fees.
Corporate accounts would affect payments and settlement, not just investment
Tiger Research also argues that corporate access matters beyond investment activity. For companies using crypto assets in day-to-day business, business accounts are relevant to payments, remittances and settlement.
Stablecoin payments and remittances are presented as the clearest examples. These use cases require companies to transact directly in crypto assets and then settle into Korean won. Restrictions on corporate trading have therefore also constrained related business activity in South Korea.
The report points to overseas payment and settlement infrastructure companies including Rain, BVNK and Mesh. It says listed and private company valuations are not directly comparable, but notes that several companies in this segment have already reached valuations in the multi-trillion-won range.
If corporate accounts are opened, South Korea could develop similar businesses, Tiger Research said. Payment and fintech companies could provide crypto payment and remittance services, while other companies could use crypto assets for collections, payments and settlement. Only then would the local crypto industry have a chance to expand from a trading market into an applications market.
High volume has not translated into deep liquidity
The report says heavy retail participation has helped lift trading volumes, but the market still lacks the depth seen at major global venues when large orders hit the book.
Using spot Bitcoin trading estimates from the past week, Tiger Research found that a 10 billion won order would face a round-trip slippage of 213.2 basis points across South Korea’s three largest exchanges combined. Under the same conditions, Binance showed 12.2 basis points. The gap widens as order size increases.
For Tiger Research, that means market depth has not matched reported trading activity. A busy market does not necessarily mean order books are thick enough to absorb large trades, and price impact rises with order size. High turnover does not automatically translate into efficient execution for block-sized orders.
The report says corporate accounts could help improve the participant mix and attract professional liquidity providers. Thicker order books would lower price impact and execution costs for larger trades, potentially improving trading efficiency for both companies and retail participants.
Signs of demand moving offshore are already visible
Tiger Research says the continued delay in corporate access is already pushing part of that demand abroad. Citing Allium data, the report says B2B stablecoin payments between South Korea and other countries totaled about $620 million from January 2021 to September 2026. The dataset excludes deposits and withdrawals involving centralized exchanges, as well as investment transactions, and counts only payments for goods and services.
That, in the report’s reading, shows companies are already using stablecoins for payment and settlement outside investment activity. A meaningful share of that demand is landing overseas. Some import and export businesses that cannot easily handle stablecoins in South Korea are using offshore entities or partners in places such as Hong Kong for conversion and settlement.
The report gives two examples. Hyperithm is providing crypto asset management for corporate clients in Japan, while Future Asset Securities is expanding its digital asset business in Hong Kong. In Tiger Research’s view, South Korean demand and operating capability are already being turned into business in overseas markets with more complete regulatory frameworks.
The cost of delay may extend beyond capital inflows
If that trend continues, the companies moving abroad will not only accumulate customers and revenue. They will also build business relationships and operational experience. Once payment networks and commercial ties are established overseas, those activities may not quickly move back even if South Korea later opens corporate access.
Companies are also more likely to keep investing in markets where they have already built customers and experience. Tiger Research argues that delaying corporate accounts risks more than just postponing the arrival of domestic corporate capital. It could allow businesses that might have grown in South Korea to take root overseas first.
In that framework, the significance of corporate access goes well beyond letting company funds enter the crypto market. Tiger Research’s upper-bound scenario puts corporate crypto assets under management at about 82 trillion won by 2030, with annual revenue from trading, custody and prime brokerage services around 570 billion won. As corporate money enters, the report says, demand for trading, custody and asset-management support would rise alongside it.