Economy - The Korea Times

Crypto industry weary as populist pledges flood presidential race

The crypto industry is voicing frustration over a wave of populist policy pledges ahead of the June 3 presidential election, as many are widely seen as unrealistic, industry officials said Thursday. One prominent example is the proposed establishment of a tentatively named Korea Digital Asset Exchange, a joint initiative between a local government and crypto exchanges aimed at facilitating the trading of digital assets such as stablecoins. The idea reportedly originated from a subcommittee within the main opposition Democratic Party of Korea’s (DPK) election campaign team and does not reflect the party’s official stance. Nevertheless, it has received a lukewarm response from industry officials, who argue that the concept of establishing a public-private crypto exchange in a regional area lacks practicality. They also point out that proposing support for trading Korean won stablecoins and security tokens — which are only in the early stages of discussion — seems premature, especially given that the Busan Digital Asset Exchange, a similar initiative, has struggled to gain momentum.

May 29, 2025By Jun Ji-hye

Crypto industry weary as populist pledges flood presidential race

Dunamu appoints new CEO as Lee Sirgoo steps down

Dunamu said Thursday that Oh Kyoung-suk, the current CEO of PANKO, will succeed Lee Sirgoo, who plans to step down from his position effective July 1. "I will strive to strike a balance between stability and innovation to help Dunamu grow into a more trusted global company amid the rapidly evolving digital finance landscape," Oh said. Dunamu said Oh is a seasoned executive with a legal professional background. He is set to be formally appointed pending approval at a board of directors meeting and the extraordinary shareholders’ meeting scheduled for June 27. He passed both the certified public accountant exam and the bar exam, and has held roles at Samil PwC, served as a judge at the Suwon District Court, worked as a research judge at the Supreme Court and practiced law at Kim & Chang. He later joined PANKO in 2016, marking the beginning of his full-fledged career in corporate management. Since 2021, he has also served as an auditor for the fashion e-commerce company Musinsa. Lee will remain with the company in an advisory role even after his resignation. "I have decided to step down, be

May 29, 2025By Lee Yeon-woo

Dunamu appoints new CEO as Lee Sirgoo steps down

Presidential candidates divided over 'one crypto exchange-one bank' rule

The financial authorities and the crypto industry are closely monitoring the outcome of the June 3 presidential election, as presidential candidates Lee Jae-myung of the liberal Democratic Party of Korea (DPK) and Kim Moon-soo of the conservative People Power Party (PPP) have taken divergent stances on the so-called “one crypto exchange-one bank” rule. The regulation restricts crypto exchanges to partnering with only one bank for deposit and withdrawal accounts. Authorities and industry officials are bracing for potential impacts on the regulatory landscape if any changes are made to the rule. Kim has formally pledged to abolish the rule as part of his campaign platform, aiming to boost the domestic crypto industry. In contrast, Lee’s camp has effectively suspended internal discussions on the matter and has refrained from articulating a clear position, signaling his tacit support for maintaining the current system. Market observers note that Lee’s cautious approach likely reflects concerns over heightened money laundering risks and a potential increase in capital concentration at

May 26, 2025By Jun Ji-hye

Presidential candidates divided over 'one crypto exchange-one bank' rule

Will Binance fully repay GOFi victims?

With Binance’s acquisition of GOPAX stalled for over two years, internal tensions are rising over unresolved GOFi compensation tied to the acquisition contract, sources said Friday. Binance says it remains committed to supporting victims’ financial recovery, pending approval from financial regulators. Still, some GOFi investors say they are uncertain whether the company intends to cover the full extent of their losses — claiming Binance has yet to formalize the scope of its commitment. The controversy traces back to 2023, when former GOPAX CEO Lee Jun-haeng and other shareholders sold the exchange to Binance at a steep discount, under the condition that Binance would fully compensate GOFi investors. GOFi was a yield-bearing product offered by GOPAX, allowing users to earn interest in depositing virtual assets. But when crypto lender Genesis Trading — GOFi’s operator — became insolvent in the wake of the 2022 collapse of FTX, customer deposits were effectively frozen. To date, approximately 150 billion won ($107.2 million) from 3,000 investors remains inaccessible. As delays i

May 23, 2025By Lee Yeon-woo

Will Bitcoin rally continue?

Bitcoin has surged to a record high above $110,000 (151 million won), propelled by financial market and macroeconomic uncertainties in the U.S., the dollar's weakness and crypto-friendly legislative moves under the Donald Trump administration, market analysts said Thursday. Some say the digital coins can soar further to $125,000 in the near term and even higher, to $180,000, by the end of this year. The recent spike also led to an inflow of $667 million into global spot Bitcoin exchange-traded funds (ETFs) on Monday, the highest daily figure this month. The optimism is bolstered by the U.S. Senate passing a Stablecoin Act governing stablecoins, including issuance and collateral requirements, as well as anti-money laundering protocols. Also driving the momentum is the U.S. state of Texas moving to legally classify Bitcoin as a strategic reserve asset, and JPMorgan Chase, a global investment bank, beginning to allow clients to purchase Bitcoin. “Investors are likely to remain bullish, ensured by regulatory clarity," said Kim Kab-lae, senior research fellow at Korea Capital Market Institut

May 22, 2025By Lee Kyung-min

1 in 5 Koreans invest in crypto assets: survey

Nearly 20 percent of Korea’s population invests in crypto assets, with those in their 30s and 40s accounting for more than half of investors, a survey showed Tuesday. The Financial Services Commission (FSC) survey showed 9.7 million traders across the 17 cryptocurrency exchanges nationwide in the second half of 2024. The figure represented about a 25 percent increase from the first half of 2024, according to the FSC. Of the 9.7 million, 9.67 million were from the top five domestic virtual asset exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax. Traders in their 30s accounted for 29 percent of all cryptocurrency exchange users, while those in their 40s were another 27 percent. “They accordingly made up more than half of the entire cryptocurrency investors,” the FSC explained. Those younger than 20 accounted for 19 percent, followed by those in their 50s at 18 percent, and those in their 60s or older at 7 percent. The survey also showed that the number of individuals whose investment exceeds 10 million won ($7,100) is increasing. A total of 1.21 million traders invested more than 1

May 20, 2025By Yi Whan-woo

1 in 5 Koreans invest in crypto assets: survey

Upbit teams up with 'Culinary Class Wars' chef to celebrate Bitcoin Pizza Day

Dunamu, the operator of Korea's largest cryptocurrency exchange, Upbit, will launch a special "Upbit Pizza" in collaboration with chef Yoon Nam-no to celebrate Bitcoin Pizza Day, the company said Monday. Yoon rose to fame through his appearance on Netflix's original "Culinary Class Wars." Bitcoin Pizza Day commemorates May 22, 2010, when programmer Laszlo Hanyecz in Florida made the first real-world transaction using bitcoin by purchasing two Domino's pizzas for 10,000 bitcoins. The date is now celebrated annually within the crypto community as a milestone in cryptocurrency history. Upbit has also hosted various annual events aimed at expanding the celebration beyond the blockchain community and engaging the general public. This year, the company plans to introduce an edible pizza to convey the meaning of Bitcoin Pizza Day in a more approachable way. Developed in collaboration with the celebrity chef, the Upbit Pizza is topped with 100 percent Korean-grown beets — a playful nod to the double meaning of "bit" in bitcoin and "beet," the root vegetable — to deliver both flavor and fun. "We

May 19, 2025By Jun Ji-hye

Upbit teams up with 'Culinary Class Wars' chef to celebrate Bitcoin Pizza Day

Retro game MapleStory reinvents itself on blockchain

The beloved early 2000s game MapleStory has made a comeback by reinventing its ecosystem through blockchain technology. With countless Web3 games having fallen short of expectations and fading away, this new endeavor by game developer giant Nexon is drawing attention to whether it can succeed, industry officials said Sunday. Nexon's subsidiary, NEXPACE, recently introduced a blockchain-based ecosystem called MapleStory Universe and launched its first blockchain game, MapleStory N. Since Thursday, its core token, NXPC, has been traded on major exchanges including Binance, Bybit, Upbit and Bithumb. The simultaneous listing across these platforms underscores its status as a highly anticipated virtual asset. As of 3:40 p.m. Sunday, it was traded at $2.31 on Binance. According to the project's white paper, NXPC is the key token used for in-game functions such as item crafting, NFT creation and player rewards. By implementing limits on NXPC issuance and supply, the system aims to mirror real-world economic principles. MapleStory N is currently inaccessible in Korea due to regulatory restrictio

May 18, 2025By Lee Yeon-woo

Retro game MapleStory reinvents itself on blockchain

InterviewModhaus co-founder revolutionizes K-pop fan experience with blockchain

K-pop is all about fandoms. Fans drive album and merchandise sales, organize mass voting campaigns and pour unwavering support into their favorite idols. Yet, despite their central role, fans have long been excluded from decision-making. Entertainment agencies have traditionally held the power, producing idol groups and controlling their direction. Fans, until now, have merely consumed the results. In 2021, Modhaus challenged that formula. Leveraging blockchain technology, it launched a new K-pop model that allows fans to become active decision-makers in shaping a group’s activities. “Mod in Modhaus stands for modular entertainment. While most entertainment companies deliver a finalized product, our approach gives fans the experience of assembling LEGO-like pieces to create various outcomes,” said Baek Kwang-hyun, vice president and co-founder. The idea of “participatory idol groups” originated with Modhaus CEO and co-founder Jeong Byeong-gi — a veteran producer known for his work with Wonder Girls, 2PM, Lovelyz, INFINITE and Heize. Baek, who joined Jeong before the company

May 15, 2025By Lee Yeon-woo

Modhaus co-founder
revolutionizes K-pop fan experience with blockchain

AnalysisWith money flowing into stablecoins, can Korea preserve currency sovereignty?

It looked no different from a traditional payment. A clerk scanned the barcode of a product and asked the customer to pay. A man in his 30s, surnamed Choi, tapped his phone, and it was done. "It was that simple? I expected something more special," Choi said. But the process was, in fact, special. Choi paid using a stablecoin called Tether instead of Korean won, with a card issued by RedotPay. Headquartered in Hong Kong, the card allows users to deposit stablecoins and use them freely around the world. It can be linked to Apple Pay or Google Pay, and with a physical card, users can make payments through the VISA network, everywhere from major supermarkets to small retail stores in Korea. Some might call it a Ponzi scheme, worthless or too volatile, but crypto skeptics now face a fresh challenge from the industry: stablecoins. Designed to minimize price volatility by pegging their value to safe assets like the U.S. dollar or government bonds, stablecoins offer instant transfers 24/7, with cross-border transaction and withdrawal fees close to zero. Users can simply purchase stablecoins — mo

May 14, 2025By Lee Yeon-woo

Cryptocurrency