Crypto Migration in Korea Rose 2.3x

user avatar

by Giorgi Kostiuk

2 years ago

The crypto industry shows significant growth, but unclear regulatory measures cause the migration of capital and companies from South Korea.

Growth of the Crypto Industry

The cryptocurrency sector has evolved from a niche for tech enthusiasts to a trillion-dollar industry, achieving substantial growth worldwide. Despite this, many countries, including South Korea, have not developed clear regulatory policies. Nevertheless, South Korea remains one of the world's largest crypto markets with around 15.6 million investors.

Migration in Other Countries

In many countries, including China, India, and the UK, crypto companies are leaving due to strict regulations. Tiger Research's latest study reveals that the migration of capital, talent, and companies is increasing in South Korea. More than 2.3x funds were transferred to non-local VASP wallets in 2024 compared to 2023.

Challenges for the Web3 Ecosystem

Vague regulation is weakening the Web3 ecosystem in South Korea. Despite developing a regulatory framework, clear guidance for sectors like stablecoins, DeFi, or Web3 gaming is missing. Companies and talent are moving to countries with more crypto-friendly policies like the US, where a recent presidential crypto order is encouraging this trend.

The lack of clear regulation in South Korea could negatively impact its position in the crypto industry and Web3 amid increasing international competition.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Optimism Releases Required Batcher Update v1170

Optimism has announced the release of opbatcher v1170, which is mandatory for operators using the batching infrastructure for OP Stack chains.

user avatarAndrew Smith

NEAR Developers Release First Candidate for nearcore 2140

The NEAR developers have published the first release candidate for nearcore 2140, introducing significant protocol and database changes.

user avatarJacob Williams

Lido Completes Winddown of Regular Simple DVT Clusters

Lido has successfully completed the winddown of its regular Simple DVT clusters, marking a significant step in the decentralization of its validator operations.

user avatarZainab Kamara

Avalanche Schedules Helicon Network Upgrade for September 22

Avalanche has announced the Helicon network upgrade for its mainnet, set to activate on September 22 at 1500 UTC.

user avatarSon Min-ho

Uniswap Proposes Protocol Fee Rollout to Circles Arc Blockchain

Uniswap Labs has introduced a proposal to extend its protocol fee collection and UNI burn infrastructure to the Arc blockchain.

user avatarAyman Ben Youssef

Aave V4 Now Live on Circle's Arc Blockchain

Aave V4 has officially launched on Circle's newly established Arc blockchain, featuring key assets such as USDC, EURC, cirBTC, and WETH.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.