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The market capitalization of South Korea's cryptocurrency market stood at 87.2 trillion won ($57.4 billion) at the end of last year, marking an 8% decline from 95.1 trillion won ($62.6 billion) at the end of June 2025.  A survey released on March 25 by the Financial Intelligence Unit (FIU) and the Financial Supervisory Service (FSS), covering 27 virtual asset service providers, found that the number of listed crypto assets in Korea rose to 712 at year-end—up 9% (59 assets) from 653 in June.Photo by Daniel Bernard on UnsplashTrading activity declines, listings increaseAverage daily trading volume on won-denominated crypto exchanges fell 15% to 5.4 trillion won ($3.6 billion), from 6.4 trillion won in the first half of 2025. New listings rose 10% to 227, while delistings jumped 50% to 54, including cases where the same coin was delisted from multiple platforms. The average transaction fee rate stood at 0.16%. Operating profit at the exchanges fell 38% to 395.8 billion won ($261 million), down from 635.2 billion won ($418 million) in the first half. Data on retail investors show that men in their 30s remain the largest group of crypto users in South Korea, with 2 million accounts. Overall, 74.2% of the country’s 11.13 million accounts—equivalent to 8.26 million users—held less than 1 million won (about $660) in digital assets. Only 10% (1.12 million accounts) held 10 million won ($6,600) or more, while just 1.5% (170,000 accounts) held over 100 million won ($65,800). By age group, users in their 30s and 40s each accounted for 27%. They were followed by those in their 50s (19%), under-30s (19%), and users aged 60 and older (9%). Survey shows investors remain waryRecent survey data points to cautious sentiment among retail investors. In a weekly survey of Korean investors conducted last week by CoinNess and Cratos, 36.9% of respondents reported “fear” or “extreme fear,” compared with 30.8% who were neutral and 32.3% who were optimistic. Despite the overall caution, short-term sentiment turned slightly more optimistic. The survey found that 38.3% of respondents expect Bitcoin to rise this week, up from 35.6% the previous week. Those expecting prices to move sideways accounted for 22.5% (down from 23.1%), while 39.2% expect a decline (down from 41.3%). With macroeconomic uncertainty rising and speculation growing over a possible April rate hike by the Federal Reserve, respondents were split on how monetary policy would affect digital assets. When asked about the Fed’s rate outlook for the year, the largest share (30.3%) said Bitcoin would rise regardless of interest rates. Another 26.5% expected rates to remain unchanged, 19.9% expected a cut, and 12.4% a hike. The remaining 10.9% said Bitcoin would fall regardless of rate decisions. 

HashKey Report Outlines Risks of Liquid StakingLiquid staking derivatives (LSD) are not without their potential pitfalls according to a report published by Hong Kong’s HashKey Capital.Photo by Shubham Dhage on UnsplashLiquid staking exceeds $22 billionThe report, which was published by the digital asset manager and finance house in July, emphasizes the pressing need for enhanced decentralization to counteract the risks associated with this growing trend of liquid staking.The figures themselves are impressive. This year, the total value locked in the liquid staking derivatives market has surged past the $22 billion mark. Correspondingly, the market capitalization of LSD projects has skyrocketed to $18 billion, indicating a substantial influx of interest and investment.However, the growth that these protocols are witnessing also presents a dual-edged conundrum for the Ethereum ecosystem. HashKey Capital’s report underscores that despite the advantages these protocols might offer their respective communities and token-holders, they could potentially destabilize the Ethereum ecosystem in multifaceted ways.Centralization riskAs evident in HashKey Capital’s overview, several LSD protocols heavily rely on a limited number of node operators, effectively centralizing a significant portion of validator nodes. This centralization trend, as highlighted by the report, is a cause for concern. The concentration of node operators raises red flags, as it contradicts the fundamental tenets of decentralization that underpin blockchain technology.The report articulates the adverse effects of centralization in the realm of liquid staking. It points to the dangers of reduced competition and a heightened risk of censorship.The report raises an important caution: “There is a heightened possibility of censorship with centralized staking players, as they may be subject to incentives or regulatory pressure to censor transactions. This can potentially result in a disruption of the trust within the network.”Security threatsCentralization also ushers in security threats. The dominance of major staking players makes the Ethereum ecosystem more susceptible to 51% attacks. Furthermore, the potential for collusion among centralized stakers looms large, leading to actions that counteract the very essence of decentralization, such as front running and malicious maximal extractable value (MEV) susceptibility.However, amidst these centralization risks, HashKey Capital acknowledges that most protocols are in their nascent stages. Many of them have devised strategies to incorporate distributed validator technology into their protocols, a proactive step towards fostering greater decentralization and resilience.HashKey Exchange awarded retail services licenseIn an unrelated development, HashKey Exchange received approval on Wednesday to upgrade type 1 and type 7 licenses, allowing it to cater to retail investors in Hong Kong. This accomplishment comes a mere two months after the city introduced its Virtual Asset Service Provider (VASP) licensing framework on June 1.In this evolving landscape, HashKey Capital and OSL were among the pioneer licensed exchanges under the city’s earlier voluntary program. Now, the new regulations stipulate that crypto trading platforms must obtain a license to serve retail investors, further solidifying Hong Kong’s commitment to cultivating a thriving crypto ecosystem.As the HashKey Capital report and recent developments in Hong Kong demonstrate, there’s a lot in play relative to both crypto regulation, protocol design and new product innovation. The challenges posed by centralization in liquid staking underscore the importance of vigilance and corrective action. Meanwhile, Hong Kong’s aspirations to become a crypto stronghold offer a beacon of hope in an ever-evolving regulatory landscape.

Monex Group, a well-known securities broker in Japan’s financial services sector, is delving further into the digital currency space through the acquisition of a majority stake in 3iQ Digital Holdings, a Canadian crypto asset management company. Whilst the acquisition was announced via a joint press release on Thursday, the specific details of the deal were not disclosed.Photo by sebastiaan stam on UnsplashAchieving growth through cryptoYuko Seimei, the CEO of Monex Group, emphasized the long-term strategy of strengthening their asset management business. By incorporating 3iQ into their portfolio, the aim is to achieve substantial growth by catering to the evolving crypto asset management needs of institutional investors and crypto exchanges globally. Monex Group is already a key player in the Japanese crypto landscape, owning the Coincheck exchange. Coincheck is one of the largest cryptocurrency exchanges in Japan. It has regained market dominance after a cyber attack resulting in the theft of $534 million in digital assets in 2018. Monex collaborated with Japanese telecommunications firm NTT DOCOMO in October, forming Monex Securities as a holding company containing Coincheck, while selling NTT DOCOMO a 49% stake. ETF focusThe acquisition of 3iQ marks Monex’s strategic move to extend its exposure to the North American crypto industry. This adds to the conglomerate’s existing presence in the United States through the ownership and operation of TradeStation, an American brokerage firm. 3iQ, operating under a Canadian license, has come to prominence in the crypto-sphere for launching two exchange-traded funds (ETFs) in Canada. Notably, it introduced Bitcoin and Ethereum ETFs on the Toronto Stock Exchange, showcasing innovation in a region where regulatory approval is awaited by U.S.-based companies. Spot bitcoin ETFs have been hotly tipped to offer the next form of crypto adoption, potentially facilitating the in-flow of massive amounts of money currently within the domain of traditional finance. While the focus has been largely on the United States in that regard, other centers such as Hong Kong are similarly gearing up towards offering spot ETF crypto products to both institutions and retail investors. Amid that background, this acquisition by Monex didn’t go unnoticed by ETF sector professionals. Bloomberg Intelligence ETF Research Analyst James Seyffart took to social media platform X on Thursday to draw attention to the deal. Frederick Pye, the Chairman and CEO of 3iQ, expressed enthusiasm about joining forces with Monex Group. With Monex already owning Coincheck, a crypto exchange powerhouse in Japan, Pye highlighted the potential synergy. The collaboration is seen as an opportunity to enhance Coincheck’s offerings, particularly for institutional investors. Pye characterized the partnership as a groundbreaking collaboration that promises to reshape the crypto industry. Monex’s acquisition of 3iQ is aligned with its broader vision of being a key player in the global crypto asset management landscape. The move not only expands their reach into North America but also positions them to capitalize on the growing demands of institutional investors in the evolving digital currency market.