While South Korea’s cryptocurrency market booms with staggering numbers, Ripple’s President Monica Long has sounded a note of caution amid the excitement. The warning comes as an estimated 15.59 million South Koreans—a whopping 30% of the population—already hold digital assets. That’s not just a trend. It’s a tsunami.
Long isn’t mincing words about what’s coming. She’s highlighting the growing institutional interest in crypto throughout the country, suggesting many businesses are quietly preparing to engage. And they’re not just dipping their toes. Daily transaction volumes have already hit 14.9 trillion won (that’s $10.2 billion) as of November. For perspective? That’s comparable to the country’s entire traditional stock markets combined. Yeah, seriously.
Institutional crypto adoption in South Korea isn’t coming—it’s exploding right now with $10.2 billion daily volume rivaling traditional markets.
Ripple isn’t just talking either. They’ve partnered with BDACS to implement Ripple Custody, focusing on XRP, RLUSD, and other digital assets. Perfect timing in a country where 95% of people have high-speed internet and everyone and their grandmother owns a smartphone. The tech-savvy population’s enthusiasm is evident in public spaces where crypto trading discussions can be overheard in cafes and subway stations nationwide.
The regulatory environment isn’t standing still. While licensing requirements and anti-money laundering measures are firmly in place, Busan has become a regulation-free zone for blockchain. The market capitalization of South Korean crypto assets fluctuates dramatically based on these regulatory developments and global sentiment shifts. The government clearly knows which way the wind is blowing.
Venture capital isn’t sleeping on this opportunity. A staggering $1.2 billion flowed into South Korean blockchain projects in 2024—a 72% jump from the previous year. Major banks are already offering custody services. Bitcoin and Ethereum ETFs might be next.
But challenges remain. The crypto boom brings cybersecurity concerns. Singapore and Hong Kong are competing for dominance in Asia’s crypto landscape. Finding the sweet spot between innovation and regulation won’t be easy.
Long’s message is clear: South Korea’s institutional adoption isn’t some distant future prediction—it’s happening now, faster than most realize. Blink and you’ll miss the transformation of one of the world’s most digitally-connected economies.
