South Korea’s crypto scene is changing fast. What started as a playground for everyday traders is now becoming a serious battleground for big banks, brokerages, and tech companies. These players want to lock in their spots early before new rules are set in stone.
For years, retail investors drove most of the action with high-risk bets. Now the focus has moved to institutions building real infrastructure. Research shows intense competition in three main areas: , security token offerings, and digital asset custody. Companies are forming partnerships not just to get ahead but to help shape the coming regulations.
Stablecoins are a top priority, yet related laws have not passed yet. Big names like Kakao are building a super wallet through KakaoTalk, KakaoBank, and Kakao Pay. Shinhan Card is working with Solana to turn its payment system into blockchain technology.
Upbit’s parent company Dunamu is teaming up with Naver Financial on a won-backed stablecoin using its own blockchain. Bithumb is focusing on dollar stablecoins through deals with Circle. These moves could let exchanges offer more than just trading in the future.
Security token offerings are another hot area. New laws will open this market in January 2027. Experts predict it could grow to hundreds of trillions of won by 2030. Shinhan Securities launched its own platform called Project Pulse and bought into an alternative trading system. Mirae Asset Securities is testing waters overseas in Hong Kong with digital bonds and plans to launch a mobile trading app soon.
Four main custody firms are already set up in Korea. They have partners at home and abroad but most are still losing money because big institutional money has not arrived yet. BDACS in Busan is working with Woori Bank and global firms like Circle. BitGo Korea has backing from Hana Financial and SK Telecom. KODA combines bank money with crypto experts, while KDAC is led by traditional banks like Shinhan and NH NongHyup.
Even with lower trading volumes, exchanges are seen as key entry points for new crypto services. This has sparked a race to buy stakes in major platforms. Naver’s planned deal for Dunamu is still under review. Hana Financial, Samsung affiliates, and Hanwha have all taken positions. Mirae Asset bought most of Korbit, and Korea Investment & Securities picked up part of Coinone. Global players like OKX are also joining in.
Overseas blockchain projects are now choosing partnerships with Korean banks and brokerages instead of building retail communities from scratch. The next few years will likely see more deals as the regulatory picture clears up.
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