As Korean crypto exchanges reshape their listing policies to rely on overseas platforms, the domestic market is increasingly seen as a secondary distribution channel for the global market. Observers say tougher regulations have weakened exchanges' ability to source projects on their own and deepened the market's dependence.
According to a report released on the 9th by Blockchain research firm 4pillars, the share of assets newly listed only in Korea among new listings on domestic exchanges such as Upbit and Bithumb plunged from 85% in 2019 to about 9% in 2024. In five years, Korea's ability to list assets independently has effectively been lost.
Exchanges filled the gap left by exclusive listings with coins already listed on major global platforms such as Binance Holdings Ltd., OKX, and Bybit. More than 90% of assets newly listed on Korea's won-denominated markets in 2024 had first been listed on major overseas exchanges, where they built up trading volumes. As regulators tightened the rules, exchanges focused on listing coins whose liquidity had been proven in global markets.
Industry officials say this structural shift is pushing control of Korea's crypto market overseas. If the trend continues, domestic exchanges will see their ability to assess projects and shape prices erode. When promising projects list first on foreign exchanges, Korean platforms are left as secondary trading venues.
A person in the crypto industry said, "As the import-style listing model has taken root, domestic exchanges' ability to shape the market independently has weakened. We need an autonomous environment that lets Korean exchanges break out of a structure skewed to global exchange standards and regain market leadership."
