Tiger Research: South Korean crypto market shifting to institutional focus

The South Korean cryptocurrency market is rapidly transitioning from a retail-investor-dominated structure to an institution-led one, according to a report from Asian Web3 research and consulting firm Tiger Research. In its report, "2026, A Comprehensive Overview of Korean Institutions' Entry into the Crypto Market," the firm states that banks, securities firms, and large corporations are actively acquiring stakes in exchanges and entering the security token offering (STO), stablecoin, and custody sectors. Tiger Research explained that the current competition is focused on establishing dominance over digital asset financial infrastructure ahead of formal regulations. Key examples cited include exchange investments by Hana Bank, Hanwha Investment & Securities, and Samsung affiliates, as well as the expansion of STO businesses by Mirae Asset and Shinhan Investment & Securities. Meanwhile, companies like Kakao, Shinhan Card, and Dunamu are building stablecoin ecosystems, with domestic infrastructure firms such as LG CNS, DSRV, and Altus emerging as major beneficiaries. The report highlighted that while trading volume on the country's top five exchanges has fallen by about 48% year-over-year, institutional entry is expanding, suggesting that a market reorganization led by traditional finance will accelerate.