South Korea remains one of the world’s strongest crypto markets by demand and trading activity, but ranked 12th among 15 countries in The Block’s Global Competitiveness Index for Crypto Assets, or GCCI, with a score of 1.81 out of five. The preview was unveiled by The Block CEO Steve Chung at Block Festa 2026 in Seoul. South Korea ranked second globally in trading volume after the United States, recording $66.6 billion in first-quarter spot trading volume, but placed 13th in regulation and accessibility and last in cross-border openness. Frank Chaparro, head of content at crypto market-making firm GSR, separately said after Korea Blockchain Week that active retail participation contrasts with underdeveloped institutional market makers, custody firms and over-the-counter trading. He said infrastructure could change significantly over the next few years, potentially allowing South Korean conglomerates to allocate as much as 10% of their balance sheets to crypto diversification. Upbit remains a key market player, while major U.S. investors including a16z showed interest in South Korean founders.