Waybridge “Digital Asset Act Will Be a Turning Point in the Industrial Ecosystem” [Bitcoin Seoul 2025]

A forecast has emerged that with the new government's launch and the enactment of the Digital Asset Basic Law this year, the Korean virtual asset industry can secure global competitiveness.

Kang Byung-ha, CIO of Wavebridge, stated at the 'Bitcoin Seoul 2025' event in Signiel Seoul on the 6th during a discussion on 'Safely Storing Bitcoin' that "the Digital Asset Basic Law will include various contents such as clarifying virtual asset issuance and distribution standards, strengthening the responsibilities of exchanges and custody companies, and establishing a safe stablecoin framework".



Following the implementation of the Virtual Asset User Protection Act last year, a Digital Asset Basic Law focusing on industry promotion is scheduled to be prepared this year. Especially since President Lee Jae-myung had promised to issue won-based stablecoins and allow physical bitcoin ETFs during his presidential candidacy, the industry has high expectations for the new government. The CIO stated, "In the United States, discussions on Bitcoin national reserve bills and stablecoin bills are actively progressing" and "As virtual asset policies were included in the presidential campaign promises, a gradually favorable environment will be created in Korea".

At the discussion, the roles of custody and prime brokerage infrastructure emerged as key points following the permission of virtual asset real-name accounts for corporations in the second half of this year. As large-scale corporate market entry accelerates, the importance of infrastructure handling asset custody and trading support is highlighted. The CIO emphasized, "The virtual asset industry will see the emergence of sectors similar to traditional finance such as securities, banking, insurance, and asset management" and "Wavebridge can play a role similar to securities based on prime brokerage".

He pointed out that the structure with excessive roles concentrated in domestic virtual asset exchanges needs improvement. The CIO noted, "Coinbase has separated its institutional service Coinbase Prime into a separate entity" and "Korea should prevent exchange expansion and operate them with functional separation". He explained that exchanges should focus on their original trading functions, while specialized institutions should handle custody to enhance financial system stability and reliability.

Reporter Do Ye-ri