South Korea's Crypto Market Ranks High in Demand but Lags Behind in Institutional Access
South Korea's cryptocurrency market has consistently ranked among the world's leaders in trading demand. According to the Global Crypto Competitiveness Index (GCCI) report, South Korea came in 12th out of 15 countries with an overall score of 1.81. The US topped the list with a score of 3.95.
The country's high demand for cryptocurrencies is evident in its spot trading volume, which reached $66.6 billion in the first quarter. This was second only to the US, making South Korea one of the top major markets in crypto demand.
However, despite strong market size and demand, South Korea's competitiveness lags behind due to institutional limits, including restricted access for companies and weak cross-border openness. The country scored 1.68 in the industry category, ranking ninth, and 2.08 in regulation and accessibility, ranking 13th.
The report highlighted the need for regulatory pathways that would enable institutional participation, which has instead constrained market growth. Corporate participation in the crypto market is being expanded in stages, while custody infrastructure and a framework for tokenized securities are also advancing.