Hong Kong to bridge insurance and digital assets via new risk framework

Lotte World Unveils Theme Park Maps in Metaverse Platform The SandboxLotte World, one of South Korea’s major theme parks, announced Wednesday (local time) that it is making its debut on the global metaverse platform The Sandbox, on which it will unveil a virtual map that mirrors the offline theme park experience with quests and missions.Photo by Shuto Araki on UnsplashImmersive virtual adventuresThe map portrays a fantastical concept with two realms — Lotte World Station and Fairy Tale World. Lotte World Station is a map of a train station modeled after the theme park that serves as both the starting point for all journeys through the metaverse and as a gateway to other maps. Users can explore the map and learn about the various virtual adventures awaiting them. The map also offers information about Lotte World’s five businesses, including Lotte World Adventure, Lotte Water Park, Seoul Sky, and more.Users can even enjoy attractions such as Lotte World Adventure’s Balloon Ride and World Monorail, as well as Seoul Sky’s Sky Bridge and the Water Park’s Tornado Water Slide.On the other hand, Fairy Tale World is a kingdom-themed map where Lorry and Lotty — Lotte World’s famous mascots — reside as queen and knight. Users can access this map by riding the World Monorail from Lotte World Station. They can then embark on quests to save the cursed Fairy Tale World and enjoy rides such as Gyro Drop, Fantasy Dream, Bumper Cars, and Merry-Go-Round.Furthermore, the virtual map features Lotte World Adventure’s iconic landmark, Magic Castle, and Lotte World Adventure Busan’s Talking Tree, where parades will also be held.Special eventThe theme park is also holding an opening event in celebration of the map’s launch. Users who complete quests within Lotte World Station and Fairy Tale World by November 8 will receive rewards. Furthermore, those who possess items that they collected from the Lotte World Adventure game that was released in July will receive additional rewards.“We plan to release three more maps in the future to further diversify our metaverse content. We are committed to showcasing unique content that Lotte World alone can provide, transcending the boundaries of online and offline experiences,” the theme park said.

Korea’s Traditional Customer Rewards Program Embraces NFTsSouth Korean tech company SK Planet, the operator of the popular customer rewards program OK Cashbag, made an exciting announcement for points collectors today. In a recent press release, it revealed the launch of its new non-fungible token (NFT) membership program called “Road to Rich.”Photo by Markus Winkler on PexelsRewards program meets NFTsFor over two decades, OK Cashbag has been a beloved membership service for Korean consumers. Now, members can embark on a journey through the Road to Rich program, accompanied by a rabbit character NFT. By completing daily quests, participants will earn rewards such as OK Cashbag points. As they progress on their journey, users can even level up their character, with the ultimate goal of reaching level 5. At this pinnacle, users will receive a tradable TEM NFT, offering customized everyday benefits.Decentralized walletSK Planet, an affiliate of the South Korean conglomerate SK Group, has also introduced a new decentralized wallet called UPTN Station. Built on the Avalanche subnet, UPTN Station empowers users to store and transfer various digital assets, including NFTs. To enjoy the Road to Rich program, the installation of UPTN Station is required.Gaming and rewardsNotably, the Road to Rich program comprises two gaming episodes to further captivate its users and encourage active participation. Any OK Cashbag member aged 19 or older can partake in the first episode and mint their own rabbit NFT at no cost.Kim Kyo-soo, the head of SK Planet’s customer experience division, expressed enthusiasm about the NFT program, highlighting its ability to make Web3 experiences second nature for users. Moreover, he mentioned plans for future collaborations with SK Group affiliates and other partners, aiming to provide an extensive range of services.

South Korea’s retail-heavy crypto market is losing momentum ahead of broader institutional access to trading. Data from the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), cited by Financial News, shows that in the first half of 2025, Korean-won balances held at the country’s five licensed fiat-to-crypto exchanges sank 42% to 6.2 trillion won ($4.4 billion), signaling less dry powder waiting on the sidelines for trading. Only five platforms are permitted to support won-denominated trading, and the drop in parked cash underscores a broader cooling. By the end of June, the Korean crypto market cap stood at 95.1 trillion won ($67.5 billion), down 14% from six months earlier. The global market also contracted, but the decline was more modest at about 7% over the same period.Photo by Y K on UnsplashTrading slows but retail base expandsTrading activity eased as well. Average daily volumes across 25 domestic virtual asset service providers (VASPs) fell 12% to 6.4 trillion won ($4.5 billion) in the first half. Paradoxically, the number of market participants climbed 11% to 107.7 million across those platforms. Nearly all were individuals, as only 220 were institutions, reflecting long-standing restrictions on institutional won trading. That retail skew has consequences. Data submitted by the FSS to a lawmaker, cited by Digital Asset, reveals that the top 10% of users by trading volume accounted for roughly 90% of activity at the five fiat on-ramps. By exchange, the figures were Upbit (89.36%), Bithumb (97.97%), Coinone (97.54%), Korbit (97.52%), and Gopax (97.95%).  Market lawyers warn that this concentration heightens manipulation risk. Lee Seung-min of SEUM Law Firm said volatility may be more pronounced in tokens listed only on Korean venues, but added that deeper institutional participation could help reduce such volatility and support longer market cycles.  Regulators are inching in that direction. Earlier this year, authorities allowed universities and nonprofits to sell their crypto holdings. By year-end, the FSC plans to let about 3,500 publicly traded companies and professional investors, excluding financial institutions, open accounts at the licensed platforms for trading. Exchanges pour cash into promotionsWhile regulators are preparing to bring more institutional players into the fold, exchanges continue their long-running effort to draw in retail users. Another Digital Asset report noted that from 2023 through July 2025, promotional outlays by the five won-enabled platforms totaled 190.3 billion won ($135 million). Bithumb alone accounted for 180.3 billion won ($128 million), far outspending Upbit (9.4 billion won), Coinone (1.7 billion won), Korbit (1.6 billion won), and Gopax (100 million won). The gap suggests Bithumb, which ranks second in market share, has pursued a particularly aggressive approach to expand its customer base. Taken together, the numbers depict a subdued market, with less capital parked on exchanges and lighter trading while activity remains heavily concentrated among a small cohort of traders. Even so, the expanding base of individual accounts represents a bright spot, underscoring the market’s continued dependence on retail investors. If policymakers follow through on opening the door to a broader set of corporate and professional players later this year, Korea’s crypto landscape could shift from retail-driven fluctuations toward steadier, institution-supported flows.