The $62 Billion Gap: Korea’s Missing Corporate Crypto Market

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• Despite high trading volumes, Korea’s crypto market still relies heavily on retail investors because regulation limits corporate participation. Corporate account access could broaden the market’s demand base and support its next stage of growth.

• Corporate crypto assets under management could reach up to KRW 82 trillion by 2030. Trading, custody and prime brokerage could also create about KRW 570 billion in annual revenue.

• Further delays could push Korean demand and business opportunities offshore. This shift is already visible in payments and asset management, and overseas markets could build customer relationships and operating experience before Korea fully opens its market.

Korea is one of the world’s most active crypto markets. The Korean won has accounted for around 30% of global crypto trading volume by fiat currency in recent years, second only to the US dollar. At one point, its share exceeded 50% and even surpassed that of the dollar. Given Korea’s population and economic size, this level of activity is unusually high.

Yet Korea’s domestic crypto industry has not grown at the same pace. The valuations of major Korean and global crypto companies highlight this gap. Direct comparisons have limits because capital market size and business scope differ across countries. Even so, the valuation gap remains substantial. Dunamu, Korea’s largest crypto company, has a valuation of only about one-seventh of Coinbase’s.