Economy - The Korea Times

How blockchain could let fans own piece of favorite K-pop songs

Intellectual property (IP) has become one of the most powerful economic engines of the digital age — especially in entertainment, where content can fuel entire industries. Korea's global success in exporting K-pop, webtoons and dramas offers a vivid example. Yet despite an estimated $60 trillion in value, the global IP market remains largely illiquid and opaque. Most transactions occur behind closed doors, brokered through private contracts or corporate licensing deals. This lack of transparency has left the market underleveraged, industry officials say. A report from the Korea Institute of Intellectual Property found that securitizing and making domestic music copyrights tradable could create a market worth up to 22 trillion won ($14.9 billion). That’s nearly 10 times the value of Korea's music industry exports in 2024, which totaled around 2 trillion won. One blockchain startup is betting it can change that. Aria Protocol, established this January, is building a tokenized IP platform that allows such rights to be fractionalized, traded and monetized on blockchain. The company's found

Nov 25, 2025By Lee Yeon-woo

How blockchain could let fans own piece of favorite K-pop songs

PHOTO Bitcoin falls below $90,000 for 1st time in 7 months

The price of Bitcoin is displayed on an electronic board at Bithumb in Seoul, Tuesday, as the cryptocurrency dropped below $90,000 for the first time in seven months. It briefly tumbled more than 5 percent to $89,201 at around 1:45 p.m., according to Coinbase, before trimming losses and stabilizing closer to $90,000. The decline tracks a broader pullback in risk assets, driven by hawkish signals from U.S. Federal Reserve officials and mounting concerns over a potential artificial intelligence bubble. Bitcoin last fell below this level in April when it plunged to $74,400 amid uncertainty over the U.S. tariff policy. Yonhap

Nov 18, 2025By Lee Yeon-woo

[PHOTO] Bitcoin falls below $90,000 for 1st time in 7 months

After 3 delays, Korea still unprepared for 2027 crypto tax rollout

Korea plans to begin taxing virtual assets in January 2027, but the government has yet to establish the infrastructure or release detailed guidelines, industry officials said Tuesday. That leaves the country lagging behind regional peers, which are rapidly integrating digital assets into mainstream regulatory frameworks. Japan offers the most recent example. Its Financial Services Agency is pushing to classify 105 cryptocurrencies traded on domestic exchanges as financial products, Asahi Shimbun reported on Monday. Profits from these assets are expected to be taxed at roughly 20 percent — the same rate applied to stocks and investment funds. Korea has adopted a similar framework, planning to tax virtual asset gains as other income at a 22 percent separate rate for individuals earning over 2.5 million won ($1,705) annually from trading. Although the law passed in 2020, implementation has been delayed three times — most recently from 2025 to 2027 — due to investor opposition and technical hurdles. "Postponing taxation three times is an unprecedented move rarely seen among major global

Nov 18, 2025By Lee Yeon-woo

After 3 delays, Korea still unprepared for 2027 crypto tax rollout

Trading drought puts crypto exchange earnings at risk

Korea's cryptocurrency exchanges are facing mounting earnings pressure as a sharp market downturn erodes trading volumes, industry officials said Sunday. The slump marks a stark reversal from the third quarter, when soaring crypto prices fueled record profits. According to disclosures filed with the Financial Supervisory Service, Dunamu, operator of Upbit, posted 235.3 billion won ($161.7 million) in operating profit, up 180 percent from a year earlier. Revenue jumped 104 percent to 385.9 billion won, while net income quadrupled to 239 billion won. Bithumb also surged, with operating profit rising nearly eightfold to 70.1 billion won. Revenue increased 184 percent to 196 billion won, while net income soared 34-fold to 105.4 billion won. Both firms attributed their strong quarter to rebounding digital asset prices and a surge in trading activity. Market sentiment improved on signs of U.S. legislative progress, including the approval of the GENIUS Act, and was further lifted by an Ethereum rally and growing expectations of U.S. Federal Reserve interest rate cuts. But momentum has since stal

Nov 16, 2025By Lee Yeon-woo

Trading drought puts crypto exchange earnings at risk

Digital assets take center stage at APEC

Digital assets took center stage at the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, North Gyeongsang Province, appearing alongside key industries such as shipbuilding, artificial intelligence (AI) and defense — a reflection of their growing significance and market influence, industry officials said Thursday. Oh Kyoung-suk, CEO of Dunamu — operator of Korea's largest cryptocurrency exchange, Upbit — delivered a keynote speech at the APEC CEO Summit Wednesday, to an audience of global business leaders. Dunamu also hosted the Future Tech Forum Thursday, a side event of the summit, representing Korea's digital asset industry. Speakers included Michael Casey, senior advisor to the MIT Media Lab, and Lu Yin, APAC lead at the Solana Foundation. "The Future Tech Forum this year covers key national industries such as shipbuilding, defense, AI and future energy," a Dunamu official said. "The inclusion of digital assets marks a rare case for the APEC stage, where discussions have traditionally centered on physical industries." During Wednesday's speech under the theme "The Fu

Oct 30, 2025By Lee Yeon-woo

Digital assets take center stage at APEC

Korea's first-generation blockchain project keeps pushing forward

Wemade, a Korean gaming company, launched its blockchain venture in 2018 with just four employees. Seven years on, that team has grown to more than 200. Along the way, the company has endured market volatility, regulatory setbacks and repeated controversy. But at least one thing has become clear: It isn't walking away. "There's no other company in Korea with this many people working on blockchain," said Shane Kim, executive vice president of Wemade and CEO of its blockchain subsidiary Wemix, in an interview with The Korea Times. "We've incurred hundreds of billions of won in losses from our blockchain business. Even so, we never gave up. We've kept going all the way until now." Best known for game franchises such as Legend of Mir and Night Crows, Wemade has emerged as one of the most aggressive players integrating blockchain into Korea's gaming landscape. Through Wemix, it has rolled out initiatives including cryptocurrency development, play-to-earn (P2E) games and a broader digital asset ecosystem. The business venture started amid a wave of investor enthusiasm and a booming crypto mark

Oct 29, 2025By Lee Yeon-woo

Korea's first-generation blockchain project keeps pushing forward

Korea makes first legislative move to curb money laundering via stablecoins

Korea is set to introduce its first legislative measure to bring stablecoins under the Foreign Exchange Transactions Act as part of efforts to block money laundering and tax evasion involving digital assets, National Assembly officials said Tuesday. Stablecoins are digital currencies designed to maintain consistent value by being tied to central bank-issued currencies, such as the U.S. dollar, or to physical assets like gold. Tether (USDT) and USD Coin (USDC), both pegged one-to-one to the U.S. dollar, are among the most widely-used stablecoins. According to Assembly officials, Rep. Park Sung-hoon of the main opposition People Power Party plans to propose a bill that classifies stablecoins as a legal “means of payment” under the act, placing them alongside existing instruments, including government-issued notes and banknotes. Park explained that although stablecoins are gaining recognition as a potential new form of payment, they are not officially recognized under the Foreign Exchange Transactions Act because their characteristics differ from traditional currencies. “This regulato

Oct 29, 2025By Jun Ji-hye

Korea makes first legislative move to curb money laundering via stablecoins

Korea in final phase of introducing stablecoin: FSC chairman

Korea is in the final stages of preparing legislation to introduce and regulate stablecoins, with the bill set to be submitted to the National Assembly before the end of 2025, Financial Services Commission (FSC) Chairman Lee Eog-weon said Monday. During the National Assembly’s annual audit, Lee spoke about stablecoins pegged to the Korean won as Asia’s fourth-largest economy lags behind other countries in legalizing such digital assets. “A bill regulating stablecoins is in its final coordination phase with the relevant ministries and is planned to be submitted to the assembly within this year,” Lee said in response to Rep. Yoo Dong-soo of the Democratic Party of Korea (DPK). “We are meticulously reviewing each detail in collaboration with the ministries concerned,” the FSC chief added, noting that the regulatory framework is still in the early stages of institutional design and that robust safeguards are crucial. FSC Vice Chairman Kwon Dae-young, who joined Lee at the session, agreed when Yoo proposed that a consortium involving both banks and tech firms should be authorized

Oct 20, 2025By Yi Whan-woo

Korea in final phase of introducing stablecoin: FSC chairman

Dunamu to attend APEC CEO Summit Korea 2025 as official partner

Dunamu, operator of Korea's largest cryptocurrency exchange Upbit, will join the Asia-Pacific Economic Cooperation (APEC) CEO Summit Korea 2025 as an official partner, the company said Monday. Representing Korea's blockchain industry, Dunamu will showcase the future of finance driven by digital assets and further strengthen its global network through active engagement with world business leaders. The APEC CEO Summit Korea, hosted by the Korea Chamber of Commerce and Industry (KCCI), will be a major side event of APEC, and set to be held from Oct. 28 to 31 in Gyeongju, North Gyeongsang Province. The event is expected to serve as the largest business gathering in the Asia-Pacific region, bringing together leaders from 21 APEC member economies and over 1,700 CEOs. High-profile attendees include Nvidia CEO Jensen Huang, Amazon Web Services CEO Matt Garman and Citi CEO Jane Fraser. Korean participants include SK Group and KCCI Chairman Chey Tae-won, Samsung Electronics Executive Chairman Lee Jae-yong and Hyundai Motor Group Executive Chair Chung Euisun. Oh Kyoung-suk, CEO of Dunamu, is set to

Oct 20, 2025By Lee Yeon-woo

Dunamu to attend APEC CEO Summit Korea 2025 as official partner

World's largest crypto exchange Binance approved to enter Korean market

The world’s largest cryptocurrency exchange, Binance, has officially entered the Korean market after completing its acquisition of local crypto exchange GOPAX, more than two years after the initial deal, according to financial authorities and industry officials Friday. With final approval from financial authorities, attention is now focused on whether this move will disrupt the domestic market dominated by Upbit and Bithumb. Competition in user services is also expected to intensify. The Financial Intelligence Unit (FIU) under the Financial Services Commission, Korea’s top financial regulator, approved GOPAX’s executive change filing late Wednesday night, enabling Binance to take effective control of the exchange. Binance became GOPAX’s largest shareholder in February 2023 by acquiring a 67 percent stake. The company then submitted the executive change notification to the FIU in March 2023, but domestic regulators had not processed the filing for two and a half years. Authorities had been cautious in reviewing the notification, citing concerns that Binance’s acquisition of GOPA

Oct 17, 2025By Jun Ji-hye

Cryptocurrency