Korea’s crypto market was long defined by retail-led speculation. Now, the center of gravity is shifting to banks, brokerages and tech platforms as they race to secure an early foothold in the institutionalized market before the regulatory framework is finalized. According to Tiger Research, which tracked 196 partnerships across 150 institutions, the Korean market is seeing competition intensify on three key fronts: stablecoins, security token offerings (STOs) and custody. “The current race for partnerships is less about gaining a first mover advantage and more about shaping the regulatory landscape,” said Kim Jeong-ho, a research analyst at Tiger Research. “Companies are trying to position themselves before the framework is finalized, so that the structures they establish now can influence future regulatory standards.” Stablecoins: high on agenda, but stalled in National Assembly Stablecoins dominated last year’s legislative agenda, but none of the related bills passed the National Assembly. Key issues remain unresolved, including issuer eligibility and a proposed 20 percent cap on majo
