Economy - The Korea Times

Busan expands global blockchain city initiative with Cambodia

Busan Digital Asset Nexus (Bdan), Korea’s only exchange dedicated to real-world assets (RWA), signed a memorandum of understanding with the Securities and Exchange Regulator of Cambodia (SERC), Monday, to export Busan’s “blockchain city” model. The signing ceremony was held at the exchange’s headquarters in Busan. It was attended by Bdan CEO Kim Sang-min and company executives, alongside SERC Chairman Sou Socheat and other officials. The exchange told The Korea Times that the agreement aims to share Bdan’s expertise in developing blockchain with the Cambodian government while laying the groundwork for substantive cooperation between the two parties. “We are pleased to mark the first step in exporting Busan’s digital finance and blockchain city model infrastructure overseas,” Kim said. “Busan will continue to play a leading role in driving digital transformation not only across Asia but also in cities around the world, as a global hub for blockchain and digital finance.” The two sides will conduct joint research to explore the application of Busan’s blockchain city

Aug 18, 2025By Lee Yeon-woo

Busan expands global blockchain city initiative with Cambodia

Interview'Busan can outshine Estonia, Luxemburg in digital transformation'

Busan has long been known for its bustling ports and global trade links. Now, the city is setting its sights on a more ambitious export: itself. At the heart of that vision is Busan Digital Asset Nexus (Bdan), launched last October as Korea's only exchange dedicated to real-world assets (RWA). Unlike conventional crypto platforms that deal solely in digital tokens, Bdan's offerings are tied to seven tangible commodities, including gold, silver, platinum, palladium and copper. The platform has more than 1.2 million registered users and cumulative transactions totaling 1.2 trillion won ($866 million). For CEO Kim Sang-min, commodities are just the starting point. "I've often been asked what Bdan's most important product is," Kim said in a recent interview with The Korea Times. "For me, the most powerful RWA is Busan. My goal is to digitize this asset and sell it to the world." Kim, a former member of Korea’s 19th National Assembly, was known during his tenure for actively engaging with fintech entrepreneurs, including Lee Seung-gun, founder and CEO of Viva Republica. His early encounters

Aug 16, 2025By Lee Yeon-woo

'Busan can outshine Estonia, Luxemburg in digital transformation'

Upbit D Conference 2025 to chart blockchain's expanding influence

Dunamu, the operator of Korea's largest cryptocurrency exchange, Upbit, will explore blockchain's growing impact on everyday life at the upcoming Upbit D Conference (UDC), the company said Friday. Titled "Blockchain, to the Mainstream," the annual event will be held Sept. 9 at the Grand InterContinental Seoul Parnas. It will feature fireside chats, panel discussions, mentoring sessions, exhibition booths and networking opportunities, and is open to anyone interested in blockchain. This year's keynote will be delivered by Patrick McHenry, former chair of the U.S. House Committee on Financial Services. McHenry played a pivotal role in securing bipartisan support for the Financial Innovation and Technology for the 21st Century Act, which addresses the classification and regulatory oversight of digital assets. He will be joined by Dunamu's Chief Branding Impact Officer Yoon Sun-joo, who co-founded Coupang after graduating from Harvard Law School and the Kennedy School. Together, they will discuss emerging trends and global shifts in the digital asset and blockchain ecosystem. Trends in the c

Aug 15, 2025By Lee Yeon-woo

Upbit D Conference 2025 to chart blockchain's expanding influence

Upbit introduces crypto custody service for corporate clients

Dunamu, operator of Korea's largest cryptocurrency exchange Upbit, said Thursday that it has launched a custody service for corporate and institutional clients. With corporate investment in virtual assets gradually gaining regulatory approval, demand for secure storage and management is expected to rise. Upbit is proactively addressing this demand with its new service. The exchange said its custody service stores 100 percent of all deposited virtual assets in cold wallets, which are completely disconnected from the internet, effectively blocking threats such as cyberattacks and other external intrusions. To eliminate the risk of incidents caused by a single key being leaked, Upbit has adopted a multi-management system using technologies such as multi-party computation and distributed key generation. The service also offers a customization option, allowing wallets to be separated and managed based on type of asset and its intended use. This enables corporations and institutions to manage their virtual assets more systematically, improving accounting efficiency and audit readiness. In addit

Aug 14, 2025By Lee Yeon-woo

Upbit introduces crypto custody service for corporate clients

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

Cryptocurrency