An illustration of the digital cryptocurrency bitcoin / Korea Occasions photograph by Shim Hyun-chul
Considerations are rising inside the home digital asset market as the discharge of tips permitting firms to open financial institution accounts for cryptocurrency transactions has been delayed past its deliberate timeline, business officers stated Monday.
The delay has intensified frustration towards monetary authorities amid a pointy droop in buying and selling throughout the home market, as exchanges have considered the entry of company traders as the best technique to revive transaction volumes.
The Monetary Providers Fee (FSC) allowed nonprofit entities corresponding to social welfare organizations and universities to open accounts for digital asset transactions within the second quarter of final yr. On the time, the nation’s high monetary regulator stated it could prolong the coverage to for-profit firms within the latter half of 2025.
In preparation, main exchanges together with Upbit and Bithumb fashioned devoted company service groups, launched specialised webpages and hosted offline seminars to court docket potential company purchasers upfront.
Opposite to these expectations, the method has been delayed, with monetary authorities citing staffing shortages as they concentrate on preparations for the tentatively titled Digital Asset Primary Act.
“The delay in releasing the rules for company digital asset accounts stems from the substantial workload concerned in drafting the brand new laws,” an FSC official stated. “Whereas we’re reviewing the rules in parallel, our restricted workforce means sources are focused on precedence duties, making it tough to specify a transparent timeline.”
Trade officers have broadly regarded company participation as a vital catalyst for each qualitative and quantitative development within the digital asset sector amid the market downturn.
Information from cryptocurrency information supplier CoinGecko confirmed that the mixed 24-hour buying and selling quantity of Korea’s 5 main won-based cryptocurrency exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — totaled $2.39 billion as of 1 p.m. Friday. This represented an about 82 % drop from the $13 billion recorded on the identical day a yr earlier.
Separate information from CoinMarketCap confirmed that the 5 exchanges recorded a mean every day buying and selling quantity of round $1.8 billion in December, about one-seventh of the $12.1 billion logged in December 2024.
The extended slowdown in buying and selling has additionally weighed on trade profitability.
Dunamu, the operator of the nation’s largest crypto trade, Upbit, reported income of 516.2 billion received ($351 million) and working revenue of 396.3 billion received within the first quarter of final yr. Within the third quarter, these figures had fallen to 385.9 billion received and 235.3 billion received, respectively.
Trade watchers say outcomes doubtless deteriorated additional within the fourth quarter because the downturn endured.
They harassed that constructing an institutional framework is important even throughout a market droop, noting that when situations enhance, firms would have the ability to enter the market instantly and generate sturdy synergies.
“The home digital asset market is closely dominated by retail traders. Permitting company participation would inject substantial liquidity, ease extreme volatility and improve total stability,” an official at a crypto trade stated. “In contrast to particular person traders, firms are inclined to handle massive swimming pools of capital over the long run, serving to exchanges safe secure price revenue whereas fostering a more healthy funding ecosystem aligned with international requirements.”
