Yes24 Teams Up with KPC to Establish Digital Content Distribution Ecosystem

Crypto.com, one of the world's largest cryptocurrency exchanges, has indefinitely delayed its service launch in South Korea after the country's financial regulators conducted an on-site inspection on the exchange. The inspection came after the country’s Financial Intelligence Unit (FIU) under the Financial Services Commission detected data that appeared to violate anti-money laundering (AML) compliance requirements from the documents submitted by Crypto.com, according to local media Segye Ilbo. This decision came just six days ahead of its planned launch, originally scheduled for April 29.  The exchange has secured a virtual asset service provider (VASP) license by acquiring the local trading platform called OkBit in June 2022. A VASP license allows a digital asset exchange to operate in Korea.  Photo by Leeloo The First on PexelMitigating ‘Kimchi Premium’ effect Crypto.com initially planned to launch a mobile app featuring cryptocurrency trading on April 29, targeting South Korean retail investors. The platform aimed to differentiate itself from other local competitors by offering crypto assets at reasonable prices, mitigating the so-called Kimchi Premium effect, as announced in a press conference on April 2. The Kimchi premium refers to relatively high crypto prices in the Korean market compared to other foreign markets, which is prevalent in Korea’s major licensed crypto exchanges. The effect often results in Korean investors buying crypto assets at higher prices than those on other global crypto exchanges such as Binance. This is likely where the concerns for AML violation come up, financial experts assume, as the platform’s strategy could facilitate arbitrage during operation.  Crypto.com remains committed to Korea launch In a statement sent to CoinDesk, a spokesperson of Crypto.com said, “Crypto.com maintains the highest Anti-money Laundering standards in the industry. We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems and controls, which have been reviewed and approved by major jurisdictions around the world.”  The person also mentioned that South Korea is a difficult market for global crypto exchanges to enter, but still emphasized the company’s commitment to cooperating with local regulators.  “OkBit maintained approximately 900 customers at the point of acquisition by Crypto.com, and OkBit has never been cited for any AML infractions. Since the acquisition, existing OkBit customer access has been limited to withdrawals,” the spokesperson said. 

Upbit, South Korea’s largest cryptocurrency exchange operated by Dunamu, announced on Jan. 2 that its user base surpassed 13 million by the end of last year. With South Korea’s population at 51.6 million, the data implies that roughly one in four Koreans now holds an account on the platform. Demographic breakdowns show that users in their 30s comprise the largest cohort at 28.7%, followed by those in their 40s at 24.1% and 20s at 23.2%. Users in their 50s accounted for 16.9%, while those in their 60s and 70s made up 6.0% and 1.1%, respectively. Adoption is particularly high among younger generations, with the combined total of users in their 20s and 30s reaching 5.48 million. Based on Ministry of the Interior and Safety data showing 12.37 million people aged 20 to 39 as of November, approximately 44% of Koreans in this age demographic use the platform. Upbit added 1.1 million new users last year, with men comprising 56.9% of new accounts and women 43.1%.Photo by Kanchanara on UnsplashXRP overtakes BTC and ETH in tradingIn terms of trading volume, Ripple’s XRP was the most traded cryptocurrency in 2025, outpacing both Bitcoin and Ethereum. Daily activity peaked in the morning, coinciding with the start of the typical business day. The highest volumes were recorded at 00:00 UTC, or 9 a.m. Korea Standard Time. Beyond standard trading, users are increasingly turning to Upbit’s asset management tools. Since its 2022 launch, the platform’s staking feature has attracted over 300,000 users, generating 257.3 billion won ($178.6 million) in total rewards. Furthermore, a dollar-cost averaging feature introduced in August 2024 has drawn about 220,000 users, with cumulative investments totaling 478.1 billion won ($331.9 million). Kbank eyes public listingIn the broader ecosystem, Upbit’s banking partner is preparing for an initial public offering (IPO) this year. Kbank, an internet-only lender that has partnered with Upbit since 2020, is closely linked to the exchange through shared customers. According to Hansbiz, crypto-related funds accounted for roughly 16% of Kbank’s total deposits as of the first half of 2025. Under South Korean law, fiat-to-crypto service providers must secure real-name accounts from a local bank, meaning Upbit users are required to deposit Korean won at Kbank before trading on the exchange. However, Kbank’s financial performance has softened following the 2024 implementation of the Virtual Asset User Protection Act, which compelled the bank to raise annual interest rates on deposits from Upbit users from 0.1% to 2.1%. On a consolidated basis, net interest income totaled 323.2 billion won ($224 million) in the third quarter of 2025, down 13% year over year. Net fee income remained in the red, posting a loss of 2.8 billion won ($1.94 million), widening from a 1.3 billion won loss in the same period a year earlier. This latest IPO push follows two failed attempts and carries contractual implications. When Kbank raised 725 billion won ($503 million) in 2021 from investors including Bain Capital and MBK Partners, it pledged to list its shares by July 2026. If the upcoming attempt fails, those backers could exercise drag-along rights and put options, potentially resulting in increased financial obligations for Kbank. Meanwhile, Upbit has seen other notable shifts in its business and governance. In November, Dunamu and Naver Financial, a subsidiary of internet giant Naver, approved a merger plan structured as a comprehensive share swap at a ratio of 1 to 2.54. At the time of the announcement, market observers estimated Dunamu’s valuation at 15 trillion won ($10.4 billion), compared with 5 trillion won ($3.5 billion) for Naver Financial. 

India’s HPCL Embraces Blockchain Tech to Streamline Purchase OrdersHindustan Petroleum Corporation Limited (HPCL) has forged a partnership with Zupple Labs, an Indian Web3 startup, to upgrade its purchase order processes through blockchain.Photo by Zbynek Burival on UnsplashTamper-proof documentationAccording to local media publication Business Today, the collaboration leverages blockchain technology to issue tamper-proof digital purchase orders via LegitDoc, ensuring instant verification on the NEAR blockchain. The move is a significant step toward enhancing transparency and efficiency in the purchase order system, addressing long-standing challenges in the industry.Notably, HPCL has awarded purchase orders worth $52 billion in the past five years, making these orders economically significant. Until now, automating purchase order verification for third-party requests outside of HPCL proved to be particularly challenging, resulting in substantial manual labor to process external verification requests.With the implementation of LegitDoc, historically fraud-prone purchase orders can be seamlessly issued to the relevant stakeholders. This breakthrough empowers participants to verify the authenticity of these orders with a simple click, reducing the risk of forgery and expediting the verification process.HPCL’s use of blockchain technology in partnership with Zupple Labs serves multiple purposes. It aims to combat purchase order forgery, simplify vendor access to trade finance through collateralization, and provide evidence of turnover, ultimately facilitating participation in public procurement processes. The facility will soon be accessible to both the public and vendors, with the launch set for October.Neil Martis, the founder of LegitDoc, expressed his enthusiasm about HPCL’s adoption of their technology. He noted:“It’s exciting to see an oil conglomerate such as HPCL use our technology LegitDoc, to secure billions of dollars’ worth of purchase orders. This serves as a testament to the confidence that businesses and governments have placed in our blockchain platform over the years in protecting important documents.”Utilizing two blockchainsThe approach taken in this instance relies on the use of two parallel blockchains which act as settlement layers: the NEAR public blockchain and permissioned private blockchain Hyperledger Fabric. As of mid-October, 3,000 purchase orders had been issued using blockchain.HPCL’s move to digitize and secure its purchase order system not only benefits the corporation but also has industry-wide implications. By promoting digital automation and trust, it sets a precedent for transparency and efficiency in the oil and gas sector. This adoption of blockchain technology aligns with a global trend of enhancing digital trust and streamlining operations across various sectors.Further application of blockchain techIt’s worth noting that this isn’t the first instance of Zupple Labs’ blockchain technology-based solutions being employed by the government in India. LegitDoc has previously been adopted by the administration of Gadchiroli, Maharashtra, for issuing tribal caste certificates in 2022, in that instance by way of the Polygon blockchain.Moreover, the technology played a pivotal role in issuing COVID-19 vaccine certificates in Maharashtra in 2021, while over 100,000 degree certificates were issued in 2022. These instances underscore the versatility and growing acceptance of blockchain technology in modern governance and business processes.