KBR Reports
Explore our latest research on Korea’s and the global blockchain and Web3 markets.
Part 2. The 'One Exchange–One Bank' Practice and Structural Limits of the KRW Market
This report analyzes the de facto 'one exchange–one bank' structure in Korea's virtual asset KRW market, the entry barriers and structural issues it creates—including the kimchi premium and disconnection from global liquidity—through case studies.
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Part 1. KRW Market Concentration and the Shadow of Fair Competition
This report analyzes the concentration of Korea's crypto trading market in the KRW market, the Upbit–Bithumb duopoly, competition and fairness issues arising from market concentration, and the background including the one-exchange–one-bank arrangement.
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Is Korea’s Crypto Market Truly a Fair Playing Field?
A six-part series examining the structure and fairness of Korea’s virtual asset market—from KRW-market concentration and the one-exchange–one-bank practice to exchange-centric infrastructure, information asymmetry, global competitiveness, and policy reforms.
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