Korea’s crypto sector moves ahead as investors stay on edge
A recent survey of South Korean crypto investors showed a modest shift toward a more positive short-term view on Bitcoin, although market data since the poll was released has yet to strongly support that outlook.
The regular survey, conducted last week by CoinNess and Cratos, found that 44.8% of Korean respondents expected Bitcoin to rise or surge this week, up from 35.2% in the previous survey.
The share of respondents expecting Bitcoin to move sideways fell to 28.3% from 33%, while those forecasting a decline or sharp drop decreased to 26.9% from 31.8%.
The figures indicate that bullish responses increased from the previous week, while neutral and bearish responses declined. However, with several days having passed since the survey was released, Bitcoin’s price action has so far offered a more cautious picture.
At the time of writing, Bitcoin was trading at $77,085.07, down 1.14% from a week earlier, according to CoinMarketCap.
The survey also showed that investors remain wary of the broader market environment. Asked how recent macroeconomic uncertainty and market volatility had affected the difficulty of crypto investing, 40.5% said it became “much more difficult,” and 35.3% said it became “somewhat more difficult.”
That means roughly three-quarters of respondents said crypto investing has become harder than before. Another 16.6% said conditions were little changed, while 7.6% said investing became easier.
GIWA Chain targets cross-border finance
While retail investors appear cautious about the near-term market backdrop, major Korean firms are continuing to push ahead with blockchain projects tied to cross-border finance. Dunamu, the operator of Upbit, South Korea’s largest crypto exchange, said it has signed a memorandum of understanding (MOU) with Hana Financial Group and POSCO International to develop services for overseas remittances, payments, and corporate treasury management.
The project brings together Dunamu’s layer-2 blockchain, GIWA Chain, Hana Financial Group’s foreign exchange network, and POSCO International’s global supply-chain platform. The companies said the collaboration will focus on faster international transfers, more efficient corporate fund management, and new digital finance services.
The firms also plan to test whether some processes currently handled through the SWIFT network can be moved onto GIWA Chain.
Coinone sanctions put on hold by court
On the regulatory front, a court has temporarily halted enforcement of sanctions against crypto exchange Coinone, after the Korea Financial Intelligence Unit (FIU) ordered a fine and partial business restrictions over alleged anti-money laundering (AML) violations. The measures had been set to take effect on April 29.
According to the Maeil Business Newspaper, the court said the stay would remain in effect until May 29 while it considers Coinone’s request to suspend the sanctions. It stressed that the decision was provisional and did not constitute a final ruling on the request.
Earlier this month, the FIU, South Korea’s financial intelligence agency under the Financial Services Commission (FSC), imposed a KRW 5.2 billion ($3.52 million) administrative fine on Coinone for alleged violations of the country’s financial transactions law. The regulator also ordered a three-month restriction on virtual asset transfers for new customers, covering both deposits and withdrawals.
