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.