Economy - The Korea Times

Dunamu to share crypto exchange expertise with Vietnamese bank

Dunamu, operator of Korea’s largest cryptocurrency exchange Upbit, said Wednesday that it signed a memorandum of understanding (MOU) with Vietnam’s state-controlled Military Bank to launch the Southeast Asian nation’s first domestic digital asset exchange. Dunamu said the MOU was formed Tuesday during the Korea-Vietnam Business Forum in Seoul. Under the MOU, Dunamu will serve as a key strategic partner to Military Bank, supporting the establishment of a digital asset exchange in Vietnam, the creation of regulatory and legal frameworks and the development of investor protection mechanisms. The Seoul-headquartered company also plans to share Upbit’s advanced technology. The cryptocurrency exchange, compliant with Financial Action Task Force (FATF) standards, reports annual trading volumes of $135 billion and is recognized as Korea’s leading digital asset exchange. It is ranked among the top three globally in trading volume, handling more than $1.1 trillion in trades and managing assets of over 15.3 trillion won ($11 billion). Founded in 1994, Military Bank is a financial instituti

Aug 13, 2025By Yi Whan-woo

Dunamu to share crypto exchange expertise with Vietnamese bank

Financial firms sign partnerships in preparation for issuing stablecoins

Commercial banks in Korea are teaming up with digital finance firms, both domestic and international, in a bid to explore new business opportunities in the fast-growing stablecoin sector, industry officials said Tuesday. The partnerships come as the Lee Jae Myung administration accelerates discussions around legalizing a won-based stablecoin. A stablecoin is a type of cryptocurrency designed to maintain a stable value by pegging it to a fiat currency, such as the U.S. dollar. It is gaining traction for its potential to serve as a bridge between the decentralized world of cryptocurrency and the stability of traditional finance. Hana Bank, Korea’s third-largest lender, said Monday that it signed a memorandum of understanding (MOU) with Circle, the U.S.-based issuer of USDC, the world’s second-largest stablecoin firm by market capitalization. “We have not yet outlined concrete plans for our partnership with Circle,” a Hana Bank PR official said. “But we expect this collaboration to bring us a step closer to issuing stablecoins in Korea.” OK Savings Bank signed an MOU in July with

Aug 12, 2025By Yi Whan-woo

Financial firms sign partnerships in preparation for issuing stablecoins

Crypto gift to universities worthless after coin's delisting

Seoul National University recently reported to the National Assembly that it would forgo cashing out about 1 billion won's ($720,149) worth of cryptocurrency it had received as a donation, following Wemix's delisting from Korean cryptocurrency exchanges. According to Rep. Park Sang-hyuk from the ruling Democratic Party of Korea on Monday, Seoul National University Foundation stated that "there are no practical plans to cash out the assets" as Wemix's trading was effectively halted in Korea after its delisting. In 2022, the Korean game company Wemade donated about 1 billion won's worth of Wemix, its proprietary coin, to major Korean universities, including Seoul National University, Korea University and Sogang University, as a promotional tool. The coins were locked for one year, allowing them to be cashed out starting the following year. Wemade said the donation was "intended to encourage greater interest in the cryptocurrency sector." The universities indicated they planned to use the donation to establish blockchain research centers and foster future talent. In December 2022, Wemix was

Aug 11, 2025By Lee Yeon-woo

Crypto gift to universities worthless after coin's delisting

Will global K-pop fans embrace Korean stablecoins for payments?

As momentum builds around the introduction of Korean won-based stablecoins, skepticism is rising just as quickly. Some are questioning whether there's a competitive edge to be found in the face of dollar-dominated alternatives. One proposed use case — supported by lawmakers from the Democratic Party of Korea (DPK) and some industry officials — is in K-pop-related transactions. They suggest that K-pop platforms adopt won-backed stablecoins to allow global fans to make purchases or buy concert tickets more easily. "If dollar-based stablecoins flood the market, the Korean won could be pushed out of use," Rep. Min Byoung-dug said at an economic policy seminar organized by the DPK on Tuesday. "To protect even a portion of the payment ecosystem, we should enable transactions for globally influential content and platforms, such as BTS and Galaxy smartphones, using Korean won-based stablecoins." Stablecoins are cryptocurrencies pegged to real-world assets such as fiat currencies or government bonds to minimize volatility. They allow for instant, 24/7 transfers with minimal fees. Intermediarie

Jul 24, 2025By Lee Yeon-woo

Will global K-pop fans embrace Korean stablecoins for payments?

Global expansion remains distant dream for Korean crypto exchanges

As Korea's regulatory landscape poses major challenges for global cryptocurrency firms looking to enter the market, domestic players, too, struggle to expand abroad amid similar constraints, industry officials said Monday. This is particularly evident in the case of Korea's five major cryptocurrency exchanges, which continue to operate exclusively within the country despite their strong competitiveness and ample liquidity. Upbit APAC, for instance, operates subsidiaries in Singapore, Indonesia and Thailand. However, Dunamu, the operator of Upbit, holds no equity stake in those firms. Their relationship is limited to business partnerships involving technical support and licensing agreements. Bithumb once pursued global expansion by establishing entities in the U.K., Thailand and Japan, but withdrew in 2018 and now focuses solely on its domestic operations. Coinone exited the Indonesian market in 2020, while Korbit and GOPAX have made no direct overseas moves. Insiders say the biggest obstacle is regulatory ambiguities. No rules governing the global expansion of domestic crypto firms have

Jul 22, 2025By Lee Yeon-woo

Global expansion remains distant dream for Korean crypto exchanges

Bithumb struggles to catch up with Upbit

As the crypto market regains momentum, Upbit is once again expanding its market share at the expense of Bithumb by boosting customer incentives and intensifying marketing efforts, industry officials said Tuesday. According to data from CoinGecko, Upbit's domestic market share — which had hovered in the 60 percent range until last month — has recently climbed back near the 70 percent mark. Notably, its market share surged briefly to 74 percent on Friday, coinciding with Bitcoin (BTC) reaching a new all-time high and Ripple (XRP) jumping more than 20 percent. This surge appears to have undermined Bithumb’s aggressive marketing push, which began last year. Bithumb's market share, which stood at just 10 percent in 2023, surpassed a monthly average of 30 percent in June for the first time this year. However, it has since slipped back into the 20 percent range. Upbit seems to be benefiting from the recent trading momentum, supported by its broad selection of listed cryptocurrencies and large user base. According to a crypto analyst identified as Dom, over 70 percent of the net buying vo

Jul 15, 2025By Lee Yeon-woo

Bithumb struggles to catch up with Upbit

Bitcoin hits fresh high in Korea amid global rally

Bitcoin prices hit an all-time high on a Korean cryptocurrency exchange Monday, in line with global rallies fueled by optimism over long-awaited policy support for the industry. Bitcoin had been trading at 165.9 million won ($120,113) per unit as of around 3:40 p.m. on the local crypto exchange Upbit, marking its highest price on record. In the global market, prices of Bitcoin also surpassed the $120,000 level for the first time ever in the day. Bitcoin has been rallying recently, as the U.S. House of Representatives is set to discuss three high-profile digital asset bills during what lawmakers have dubbed "Crypto Week." If passed, the bills are expected to give momentum for the Donald Trump administration's pro-cryptocurrency policies, market watchers said.

Jul 14, 2025By Yonhap

Bitcoin hits fresh high in Korea amid global rally

Crypto exchanges grapple with falling trading volume as investors shift to stocks

Korean cryptocurrency exchanges are grappling with declining trading volumes due to a capital shift toward the domestic stock market, industry officials said Thursday. To stay afloat, exchanges are rolling out new strategies, including coin lending services that enable leveraged trading and short-selling in cryptocurrencies. According to data from market tracker CoinGecko, average monthly trading volume at Korea's five major cryptocurrency exchanges fell by 34 percent in June from the previous month, dropping to 3.17 trillion won ($2.3 billion). This marks a 71 percent plunge compared to January, when the market was booming following the inauguration of U.S. President Donald Trump. The downturn is driven by renewed investor interest in domestic equities. President Lee Jae Myung, who began his term on June 4, has vowed to revitalize the stock market through market-friendly policies. As a result, the benchmark KOSPI has reached its highest level in nearly four years. Despite Bitcoin hitting a new all-time high on Thursday at $112,000, overall investor interest seems muted. Crypto services pr

Jul 11, 2025By Lee Yeon-woo

Crypto exchanges grapple with falling trading volume as investors shift to stocks

40% of crypto investors invest for retirement: report

Four out of 10 cryptocurrency investors invest not only for short-term gains but also as a means of preparing for retirement, the Hana Institute of Finance said Sunday. According to a report released by the private think tank, more than half of investors in their 50s cited retirement planning as their primary motivation for investing in cryptocurrencies. In contrast, about a third of investors in their 20s said they invest casually, often following trends or for entertainment purposes. "Compared to the past, the proportion of short-term investors has declined, as has the number of those investing for trends or entertainment," the report stated. "This reflects a shift in perception from speculation to investment." The report revealed that 51 percent of people in their 20s to 50s have invested in cryptocurrencies at some point, with 27 percent currently holding such assets. On average, these investments account for 14 percent of their total financial assets, amounting to approximately 13 million won ($9,527). By age, people in their 40s represented the largest share of investors at 31 perc

Jun 29, 2025By Lee Yeon-woo

40% of crypto investors invest for retirement: report

First crypto sale by nonprofit completed on Upbit under new guidelines

The first sale of virtual assets by a nonprofit organization took place on Upbit, Sunday, the same day that new regulatory guidelines allowing nonprofits to trade cryptocurrencies came into effect. Dunamu, the operator of Upbit, said it assisted World Vision, a global humanitarian NGO, in selling 0.55 Ethereum, valued at about 1.98 million won ($1,430). World Vision linked its corporate account at Kbank to an Upbit account and completed the transaction through Upbit’s Korean won-based trading platform. The virtual currency was donated during a March campaign co-hosted by Upbit, which encouraged users to contribute virtual assets to support underprivileged youth with essential school supplies like uniforms and backpacks. This transaction follows the government's February announcement of a regulatory road map outlining how corporations and nonprofits can participate in the virtual asset market. Under the new framework, Korean nonprofits that meet specific criteria are now allowed to liquidate crypto donations into fiat currency. Dunamu said it plans to continue supporting nonprofits in n

Jun 1, 2025By Lee Yeon-woo

Cryptocurrency