#加密货币监管框架 When Korbit was established in 2013, who could have imagined that South Korea would reach this point today? I have seen too many markets transform from yesterday's glory into today's ruins, but the case of South Korea is worth a closer look.

The frenzy in 2017 appeared to be a celebration for retail investors and a "kimchi premium", but on deeper thought, it was actually an inevitable explosion after the infrastructure had been laid out in advance. Exchanges, users, and capital were all present; what was lacking was just a detonator. Many people only saw the ICO boom and speculative bubble, neglecting the underlying hardware—the foundation laid by early players like Korbit and Bithumb over four years.

Then the Terra crash came, and the world was reflecting, but I noticed that the reaction in South Korea was not to flee, but to establish a real-name system. This is typical - they are not giving up on this track, but rather taming it with a system. The real-name trading system introduced in 2018 looked like a regulatory measure, but at its core, it was clearing obstacles for long-term development.

Looking at South Korea in 2025, it is no longer a market that can be summed up by the label of high trading volume. Banks are working on tokenized securities sandboxes, logistics companies are using blockchain for transparency, and gaming companies are treating digital assets as standard — this is the true cycle. Consumption-driven has transitioned to enterprise-driven, and this turning point is crucial.

I have seen this pattern in history: South Korean companies have always been frighteningly quick to absorb new technologies. Once a consumer product is validated, enterprise-level replication is inevitable. What does this mean? It means that in the next five years, the real growth will not be in the daily active users of exchanges, but in the implementation at the application layer.

The regulatory framework in South Korea has not swung significantly over the years, and even both parties recognize the blockchain industry, which is not common globally. Compared to the repeated explorations in Europe and the United States, South Korea has found a path between innovation and risk control. Stability itself is the greatest competitive advantage—what institutional capital fears the most is abrupt changes in regulations.

Therefore, I am confident in South Korea's position in the next ten years, not because of trading enthusiasm, but because it has already met all the conditions for transitioning from a speculative market to an application ecosystem. This is the most logically sound layout I have seen in this cycle.