South Korea Web3 Market Q1 2025 Report: Transition from Speculation to Industrial Ecosystem

In the first quarter of 2025, the South Korean Web3 market is undergoing an important turning point. Once regarded as a "liquidity export" market for global projects, it is transforming into a structured autonomous industrial ecosystem.

Main Highlights

• Relaxation of enterprise account supervision: Institutional entities are gradually permitted to conduct cryptocurrency transactions through enterprise accounts.
• Global project ecosystem development: Several well-known projects are actively laying out in South Korea, focusing on building developer communities and hosting hackathons.
• From speculation to industry-driven: the market is transitioning from an investment-driven model to a mature industrial ecosystem.

Market Status and Challenges

Despite active participation from retail investors, the institutional infrastructure development in the South Korean Web3 market remains limited. Major obstacles include:

1. Corporate accounts have limited association with cryptocurrency exchanges.
2. Virtual asset service providers ( VASP ) have high licensing thresholds.

These constraints have led some projects to view South Korea primarily as a customer acquisition channel. However, the developments in Q1 2025 indicate that South Korea has the potential to shift towards a market oriented towards industrial revitalization.

Regulatory Progress: Business Accounts Opened

The Financial Services Commission has released the "Roadmap for Enterprises to Participate in the Cryptocurrency Market," which will lift restrictions on enterprise cryptocurrency trading in three phases:

1. Open accounts for law enforcement agencies, non-profit organizations, and exchanges for settlement purposes (.
2. Allow listed companies and registered investment companies to trade.
3. Fully open the market to ordinary enterprises

This move lays a legal foundation for enterprises to develop Web3 businesses, which is expected to enhance market stability and promote the diversification of financial services.

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Global Project Strategic Layout

Multiple international teams are actively recruiting talent from South Korea and establishing collaborations, showcasing a strategic shift from surface-level marketing to building a sustainable ecosystem.

) project support

Avalanche and the TON Foundation support local teams in building the ecosystem directly. Avalanche regularly holds demo days, while TON has launched the "TON Society Korea Builder" program.

Hackathon

The large hackathon hosted by XRPL Korea###Ripple( and Superteam Korea)Solana( has become a key turning point for the Web3 ecosystem in Korea, showcasing a strong builder ecosystem.

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Market Transformation Outlook

Q1 2025 marks the transition of the South Korean Web3 market from an investment-driven model to a mature industrial ecosystem. Regulatory progress and ongoing efforts from global projects lay the foundation for long-term growth.

Other important developments include:

• The central bank's digital currency "Han River Project" has completed the first retail user real-world transaction.
• Major commercial banks explore the issuance of Korean won stablecoins
• Discussion on the "One Exchange - Multiple Banks" system continues.

These developments show that the South Korean Web3 sector is entering a new stage of policy collaboration, institutional participation, and industry-level growth.

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