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Tiger Research, an Asia-based Web3 research and consulting firm, said in a report titled “암호화폐 마켓메이커, 가짜를 걸러내야 진짜가 남는다” that distrust of market makers stemmed from price-manipulation firms posing as market makers.
The report said legitimate market makers narrow spreads and continuously provide counterparties, lowering trading costs for investors. It added that crypto market makers perform the same role as in traditional finance, but operate in a fragmented market where there is no system for formal contracts with exchanges and contracts with issuers are not disclosed. Tiger Research said a basic law on digital assets is the first opportunity to address the issue, but noted the proposed bill allows market making commissioned by exchanges while recognizing contracts commissioned by token issuers only for the first six months after listing. It stressed that issuer contracts, where most problems arise, should also be brought into the regulatory framework.