Hashed Open Research warns South Korea risks falling further behind U.S. on public blockchain

Hashed Open Research warns South Korea risks falling further behind U.S. on public blockchain The United States is strengthening industry competitiveness by building out digital-asset rules centered on public blockchains, while South Korea could fall behind in global competition because of regulatory and institutional uncertainty, according to a report by Hashed Open Research (HOR). In the report, published jointly with the U.S.-based Solana Policy Institute (SPI), HOR said the United States is bringing traditional financial institutions’ use of public blockchains into the regulatory fold through the GENIUS Act and the CLARITY Act. By contrast, South Korea still lacks clear standards on the scope of digital-asset businesses for financial companies and on licensing requirements, leaving continued uncertainty around key business areas including stablecoins, custody, and token issuance and distribution. The report also said the United States is rapidly expanding real-world asset tokenization, including Treasuries and real estate, through private-placement exemptions under Regulation D, while South Korea’s market development remains constrained by the potential application of public-offering rules. It added South Korea also lags global markets in its stablecoin framework and standards for using public blockchains, and stressed the need to shift from a regulation-centered approach to a predictable, open regulatory model to strengthen industry competitiveness.