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With Bitcoin prices hitting an all-time high, the daily crypto trading volume in South Korea has surpassed that of the stock market, local media outlet The Financial News reported.  As of yesterday at noon (KST), the local daily trading volume of cryptocurrencies over the past 24 hours stood at over KRW 11.8 trillion, or nearly $9 billion, according to data from crypto platform CoinMarketCap. Meanwhile, the daily trading volume on the Korea Composite Stock Price Index, or KOSPI, was KRW 11.4 trillion on Friday.  The total daily crypto trading volume was tallied by adding trading volume across Korea’s five major crypto exchanges – Bithumb posted KRW 8.8 trillion, Upbit KRW 2.7 trillion, Coinone KRW 176.4 billion, Gopax KRW 55.2 billion and Korbit KRW 32 billion. Photo by Alexander Mils on UnsplashUnlike stock markets which have a closing time, crypto assets are traded 24/7, which makes it difficult to do an apple-to-apple comparison. Still, the numbers clearly demonstrate retail investors’ bullish sentiment toward the crypto market.  According to the U.S. crypto exchange Coinbase, the Bitcoin price touched $70,199 on Friday (UST), just three days after the flagship coin surpassed $69,000 on March 5, an already record-breaking price in 28 months since November 2021.  Inflation and recession drive retail investors to crypto Financial experts say that Korea’s persistently high inflation and slowing economic growth are driving local retail investors to seek relatively riskier yet high-yielding assets such as cryptocurrencies. Young investors in their 20s and 30s are particularly leaning towards investing in crypto, as they fear not being able to buy houses solely with their wages. Moreover, Koreans’ average monthly real wage declined by 1.1% year-on-year, which marks a continuous decline for two consecutive years since 2022.  Despite the country’s economic slowdown, the KOSPI has actually risen, fueled by capital influx from foreign investors who are expecting a valuation increase in local firms. In contrast, local retail investors are rushing out from the stock market as they see a lack of outperforming companies.  Data from the Korea Exchange (KRX), the sole securities exchange operator in the country, showed that foreign investors purchased KRW 4.4 trillion in stocks over the past month on the KOSPI market, while local retail investors sold KRW 3.3 trillion worth of stocks during the same period.  Local crypto boom prompts ‘Kimchi Premium’ effectThe recent bullish sentiment in the Korean crypto market can largely be attributed to local retail investors, because current laws prohibit foreign investors from trading crypto assets in the country and regulations limit enterprises from making direct investments in crypto.  While the KOSPI market grapples with the so-called Korea Discount effect, which refers to the undervaluation of the Korean stock market, the local crypto market is experiencing the exact opposite trend – crypto investors are benefitting from something called the Kimchi Premium effect, a newly coined term referring to the overvaluation of crypto assets in Korean crypto markets compared to those in their foreign counterparts. As of yesterday at 14:00 (KST), Bitcoin changed hands at KRW 917.4 million on foreign exchanges while at KRW 971.8 million on Korean exchanges, per data from local crypto exchange Upbit.  Cho Dong-keun, a professor at the Economics Department at Myongji University, described the current Korean economic situation as “a competition for the country’s limited wealth”. He said that the stagnant national growth has pushed people to fight for more wealth, urging them to invest in crypto assets, adding that Kimchi Premium could substantially appeal to many retail investors.   

Hana Securities Holds Second Event to Promote Security Token VentureHana Securities, the securities arm of South Korean financial holding company Hana Financial Group, is currently holding the second event of its Meta1 project, which aims to bridge future assets with modern finance as part of the company’s security token platform venture.This comes after the first event in April, which was organized in collaboration with the art gallery Print Bakery (PBG), during which it showcased paintings and NFT artwork by PBG exclusive artists Kim Sunwoo and DADAZ.Photo by Zach Key on UnsplashA fusion of NFT art and creative workshopsThe second event, dubbed “Meta1 Art & Play,” is being held in collaboration with PBG again at Airdrop Space in Garosu-gil, southern Seoul, and will continue until September 3. It showcases an art exhibition of 20 works, including new NFT artwork by Kim Sunwoo and DADAZ as well as pieces by collage artist Sunhotan and illustrator Boat. The latter two artists will also teach one-day art workshops for pre-registered guests, and their works will later be issued as NFTs, Hana Securities said.Collaborative pop-ups and diverse eventsIn addition, the event features a pop-up bar jointly operated by Hana Securities and online liquor retailer Dali. Visitors can enjoy a cocktail made with the Johnnie Walker Blue Label Nomad Seoul edition whisky by signing up for Dali and opening a Hana Securities banking account. Johnnie Walker and Dali are participating as sponsors of the event.Visitors who make reservations beforehand will also be eligible to receive a cup of coffee and an NFT made by one of the participating artists. Surprise gifts will also be prepared for 100 guests every day on a first come, first served basis.“We have prepared ‘playable, visual, and enjoyable’ content for visitors to have hands-on engagement in line with the recent trend of experience-based consumption,” said Im Sang-soo, Head of the Wealth Management division at Hana Securities.

South Korean Job Seekers to Benefit from Digital Badges for License CredentialsSouth Korean job seekers will soon be able to enjoy the convenience of proving their license credentials with digital badges based on non-fungible tokens (NFTs).The South Korean Ministry of Employment and Labor has announced that its affiliate, the Human Resources Development Service of Korea (HRDK), plans to create a mobile application that supports virtual asset wallets. These wallets will allow citizens to conveniently store their HRDK-issued licenses in the form of digital badges.Photo by Gül Işık on PexelsNFT-based digital badgesThese digital badges, which are based on NFTs, will also serve as proof of certification for HRDK’s education and training courses. Decentralized identifiers (DIDs) based on blockchain technology will prevent forgery and counterfeiting and improve personal information protection. The incorporation of gaming elements within NFTs is expected to motivate citizens to engage in continuous learning.Chosen as this year’s state-led blockchain initiative last December, the digital badge project is supported by the Ministry of Science and ICT (MSIT) and the Korea Internet and Security Agency (KISA). HRDK aims to complete the transformation of its 18.5 million issued licenses into digital badges by the end of this year. The project also involves digitizing vocational training certificates issued by the Korea Employment Information Services (KEIS), which has an average annual issuance of 3.6 million certificates. Access to these badges will also be facilitated through not only state-managed mobile ID wallets but also private platform wallets.In the context of employment and career management, individuals have traditionally received paper certificates and had to deliver them to relevant organizations. This process often involved inconvenience, as it required in-person visits, mailing, or scanning. Moreover, individuals faced the hassle of repeatedly obtaining the same certificate due to expiration dates and storage concerns.Seamless certificate managementWith the introduction of the digital badge service, users will be able to download a mobile application on their smart devices. This app will enable them to access their national certificates, allowing them to view their qualification and training completion information at any time. Additionally, users will gain the convenience of instantly submitting or verifying their certificates remotely through their mobile devices whenever necessary.HRDK will further enhance its services through strategic partnerships with credentialing organizations from both the public and private sectors.Kim Young-joong, the Acting President of HRDK, emphasized the significance of national licenses and training certificates as objective measures of individuals’ performance and skills, underscoring their importance in the employment landscape. He further expressed HRDK’s commitment to ensuring customer satisfaction by leveraging cutting-edge technology and efficient data management practices to drive innovation in public services.