Partnerships and equity acquisitions between Korean institutions and securities firms are accelerating in tandem across the crypto market. However, the overall landscape is still difficult to grasp at a glance. While many partnerships have been announced, actual commercial deployments remain rare. This report examines why the conversion rate is so low and why institutions continue to push forward.

**Key Points**

Korean institutional crypto activity has moved beyond the MOU (Memorandum of Understanding, referring to cooperation intentions, hereafter) stage, entering specific business operations and exchange equity acquisitions.

Institutions are quietly intensifying competition, vying for key financial infrastructure, including STO standard-setting, stablecoin payment channels, and the custody market.