[Public Voices]The World Transformed by Digital Assets: Only Korea Remains Stagnant

Regulatory Debates Focused on Equity Ownership Restrictions
Contradict Global Trends

At Risk of Missing the Golden Window for Innovation

Financial Authorities Must Become Facilitators of Innovation

Upholding the Spirit of the Digit

The global e-commerce market stands at a major inflection point marked by the 'software-ization of finance.' Shopify, a leading global e-commerce platform, has partnered with Coinbase, a virtual asset exchange, to introduce a stablecoin payment system. Small business owners can now settle payments in just a few seconds, with a transaction fee of only 1%, bypassing complex foreign exchange transfer procedures. This demonstrates that digital assets have evolved beyond mere investment tools to become critical infrastructure for maximizing real-world economic efficiency.

In the field of digital assets, South Korea has fallen into stagnation that belies its reputation as an 'IT powerhouse.' Although changes are beginning to take place, as exemplified by the installation of Tether exchange ATMs in major domestic tourist areas such as Myeong-dong and Namdaemun, the delay in institutionalization has postponed the launch of related services and the realization of user benefits. Global first-mover advantages and industrial sovereignty, which should belong to domestic companies, are being rapidly eroded by overseas operators.

For export-oriented small and medium-sized enterprises (SMEs), delays in overseas remittances and high fees are chronic issues. While large corporations can manage costs through economies of scale, SMEs inevitably face structural disadvantages that erode profitability. For them, real-time payments using stablecoins are not just a means of reducing costs—they are powerful tools to resolve information asymmetry in finance vis-a-vis large corporations. The tokenization of real-world assets (RWA), such as real estate and gold, and the introduction of won-based stablecoins are key to broadening the capital market. Through this, companies gain new channels for raising capital, and the public secures new investment opportunities.

The most fatal consequence of delayed digital asset institutionalization is not just capital outflow but the subjugation to foreign financial platforms. The United States is already accelerating its drive for dominance by establishing global standards in digital finance through the 'Genius Act,' while Europe has enacted the Markets in Crypto-Assets (MiCA) regulation. In contrast, South Korea is bogged down in discussions on restrictions, such as equity caps, that run counter to global trends, thereby missing the golden window for innovation.

While domestic operators are tied down by regulations, key users and high-value data are already crossing borders. If this continues, domestic exchanges will become mere platforms for won-based deposits and withdrawals, rather than leading the innovation ecosystem. The national tax base will weaken, and sovereignty over digital finance will fall into the hands of foreign capital giants.

The trend in the global market is clear. Rather than imposing unconditional equity restrictions, the focus is shifting toward building market trust by strengthening major shareholder eligibility reviews and enhancing transparency in governance. Appointing independent directors and enforcing strict post-appointment responsibilities, as practiced in Japan and the European Union, is emerging as a practical solution to prevent conflicts of interest.

Financial authorities must now resist the temptation of 'convenient regulation' and become guides that support innovation. The true purpose of the Digital Asset Basic Act is to eliminate regulatory uncertainty and create a level playing field where domestic companies can compete in the global arena without discrimination. Whether South Korea rises as a digital finance powerhouse or remains a peripheral consumer nation depends on the policy decisions made at this very moment.

Professor Sungmin Jeon, Department of Business Administration, Gachon University

This content was produced with the assistance of AI translation services.