Author: Tiger Research
This report, written by Tiger Research, examines the Korean Web3 market in the first quarter of 2025, analyzing its evolution from a liquidity export to a structured industrial ecosystem, and highlights key regulatory developments and global project initiatives. Key Points Summary - From Liquidity Export to Industrial Ecosystem: In the first quarter of 2025, the Korean Web3 market reaches a turning point. This market, previously viewed as a global project "liquidity export", is transforming into a structured, self-sustaining industrial ecosystem. - Impact of Enterprise Account Regulation Relaxation: As part of the Financial Services Commission's roadmap, institutional entities are gradually being permitted to conduct cryptocurrency transactions through corporate accounts. - Ecosystem Building Led by Global Projects: Projects like Avalanche, TON, Ripple, and Solana are actively establishing long-term foundations in Korea. Their activities have gone beyond marketing, focusing on developer community building and hackathon hosting. 1. Korean Web3 Market in 2025 Q1: Still Just a Liquidity Export? Despite active retail participation and ample liquidity, the institutional infrastructure of the Korean Web3 market has seen limited progress. Regulatory efforts prioritize investor protection over ecosystem development, slowing broader industry growth. [The rest of the translation follows the same professional and accurate approach, maintaining the original meaning and tone while translating to English.]In terms of investment behavior, corporate capital may concentrate on Bitcoin. As demonstrated by US Strategy (formerly MicroStrategy) and Japan's Metaplanet, institutional investors tend to allocate to large-cap stable assets due to conservative risk management. This could lead to a massive influx of funds into Bitcoin, potentially impacting the Altcoin market - where Korean retail investors have traditionally been highly active. Therefore, the Altcoin market may face reduced interest and liquidity in the medium to short term.
3. Industry Transformation: Strategic Layout of Global Web3 Projects
Following the US and China, South Korea has become a core strategic market for global Web3 projects. In response, numerous international teams are actively recruiting Korean talent and establishing substantive collaborations, demonstrating a strategic shift from surface-level marketing to building sustainable, builder-driven local ecosystems. This long-term layout not only supports individual project growth but also enhances the overall competitiveness of South Korea's Web3 industry.
3.1 Project Support: Guiding Industry Direction by Supporting Mature Teams
Source: Avalanche Korea X
Avalanche and the TON Foundation are global project exemplars in directly supporting local Korean teams to build ecosystems. After successfully collaborating with 'MapleStory', Avalanche has expanded partnerships with Korean small and medium-sized projects. The team hosts demonstration days each quarter to showcase available products and actively attract users, forming a feedback loop that provides substantial value to projects and participants.
The TON Foundation adopts a more structured approach by launching the "TON Society Korea Builder" program. This program includes an official project database, systematic support architecture, and expanded network access to strengthen the local TON ecosystem in a scalable manner.
These ecosystem support strategies have produced actual outcomes beyond short-term exposure or participation metrics. Verified local developers obtain a more stable growth foundation, and their success cases provide clear guidance for new entrants. Simultaneously, these initiatives lay the groundwork for international expansion of Korean projects.
3.2 Hackathons: Cultivating Korean Builders and Strengthening Market Potential
Hackathons hosted by XRPL Korea (Ripple) and Superteam Korea (Solana) have transcended single-event scope, becoming a critical turning point in the Korean Web3 ecosystem. In March, Ripple held a two-day "DE-BUTHON 2025", attracting 24 teams and 203 participants. Superteam Korea collaborated with 22 global partners to host the "SEOULANA HACKATHON", with over 300 participants.
The scale and success of these events help reverse the perception of Korea as a speculation-driven market. The high participation in large hackathons reflects the existence of a robust builder ecosystem. These events have now become strategic launch platforms - providing builders with clear market entry paths and bridging the gap between prototype development and actual deployment.
By the first quarter of 2025, driven by globalization network-led ecosystem building initiatives (rather than pure capital inflow), the Korean Web3 industry begins to show quantifiable progress. Strengthened collaboration with mature participants, combined with developer support programs, is nurturing a new generation of local builders.
These developments mark the entry of the Korean Web3 field into a new phase of momentum. On this basis, Korean projects are poised to export substantive innovations to the global stage in the coming years.
4. From Investment-Driven to Industry-Driven: Turning Point of the Korean Web3 Market
In the first quarter of 2025, the Korean Web3 market undergoes a critical transformation - from an investment-driven environment to a mature industry ecosystem. Regulatory progress, including phased opening of corporate crypto trading accounts, lays the foundation for structured market participation. Simultaneously, ongoing ecosystem building efforts by global Web3 projects help Korean market achieve long-term growth positioning.
Another significant milestone is the successful completion of the first retail user real-world transaction in the Korean Central Bank Digital Currency (CBDC) "Hangang Project". Concurrently, major Korean commercial banks began jointly exploring Korean won stablecoin issuance in early April. The Korean Bank also indicated a more proactive role in future regulatory legislation.
In infrastructure, ongoing discussions about a "one-exchange-multiple-banks" system signal potential structural breakthroughs. Under this model, crypto exchanges will no longer be limited to a single banking partner and can interface with multiple commercial banks. This is expected to significantly enhance market flexibility and user access.
Comprehensively, these developments clearly demonstrate the evolution of the Korean Web3 domain towards a sustainable industry ecosystem. After years of regulatory constraints and structural inefficiencies, Korea is entering a new phase where policy synergy, institutional participation, and industry-level growth are emerging.
