Crypto Migration in Korea Rose 2.3x

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by Giorgi Kostiuk

2 years ago

The crypto industry shows significant growth, but unclear regulatory measures cause the migration of capital and companies from South Korea.

Growth of the Crypto Industry

The cryptocurrency sector has evolved from a niche for tech enthusiasts to a trillion-dollar industry, achieving substantial growth worldwide. Despite this, many countries, including South Korea, have not developed clear regulatory policies. Nevertheless, South Korea remains one of the world's largest crypto markets with around 15.6 million investors.

Migration in Other Countries

In many countries, including China, India, and the UK, crypto companies are leaving due to strict regulations. Tiger Research's latest study reveals that the migration of capital, talent, and companies is increasing in South Korea. More than 2.3x funds were transferred to non-local VASP wallets in 2024 compared to 2023.

Challenges for the Web3 Ecosystem

Vague regulation is weakening the Web3 ecosystem in South Korea. Despite developing a regulatory framework, clear guidance for sectors like stablecoins, DeFi, or Web3 gaming is missing. Companies and talent are moving to countries with more crypto-friendly policies like the US, where a recent presidential crypto order is encouraging this trend.

The lack of clear regulation in South Korea could negatively impact its position in the crypto industry and Web3 amid increasing international competition.

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