This report provides a comprehensive assessment of South Korea’s Ethereum ecosystem, examining user behavior, regulatory trends, infrastructure readiness, and the country’s shift toward institutional adoption. South Korea remains one of the world’s most active retail-driven crypto markets, characterized by high risk appetite and rapid narrative cycles. Yet most users interact with Ethereum exclusively through centralized exchanges such as Upbit, resulting in limited onchain activity and a market structure dominated by short-term trading rather than ecosystem participation.

Following years of restrictive regulation since 2017, Korea is now entering a transition period marked by regulatory loosening. Key developments—lifting the institutional trading ban, allowing VC investment, and introducing the Digital Asset Basic Act—signal that the environment is evolving toward institutional readiness. This shift creates new opportunities across staking, custody, and L2 infrastructure, where operators like DSRV and Obol play an increasingly critical role.

The report concludes that although Korea’s onchain adoption lags behind other regions, its strong retail base, capital availability, rapid adoption culture, and shifting regulatory landscape position the country to become a major Ethereum hub in Asia.