South Korea’s five biggest cryptocurrency exchanges registered 566,352 foreign accounts as of the end of July, yet only 90 were active that month for trading, swaps, staking, or cryptocurrency deposits and withdrawals. Of 6,590 corporate accounts, just 29 general corporate accounts saw any activity, 22 of them linked to Dunamu, the operator of Upbit. Bithumb held 484,846 foreign accounts—more than 85% of the total—but recorded none as active in July, while Dunamu held 42,449. Corporate accounts held about $31.4 million in crypto assets, roughly $19.6 million or 62.4% of it through Upbit, and foreign holders had about $22.0 million in crypto plus $1.9 million in deposits. The registration-to-usage gap reflects limits on won-based trading and cash movements for corporations and tighter foreign access since 2021 revisions to South Korea’s Act on Reporting and Use of Certain Financial Transaction Information. After know-your-customer checks, corporations can still trade in coin markets using Bitcoin or Tether. Financial authorities are preparing safeguards so listed companies and corporations registered as professional investors can trade crypto for investment and treasury purposes, while exchanges ready stronger verification, large-order splitting systems, and custody frameworks.