From August 18 to 22, the virtual asset market underwent adjustments due to heightened external uncertainties. Bitcoin fell to $112,314, down 5% compared to the previous week, while Ethereum recorded $4,223, a drop of 7.7%. The first major variable was remarks from the U.S. Federal Reserve (the Fed) and the Jackson Hole Conference. Fed Commissioners emphasized that "the risks of inflation outweigh those of employment," maintaining a hawkish stance, and expectations of a rate cut in September decreased from 82.4% to 73.6%. This dampened investor sentiment toward risk assets, exerting downward pressure on virtual assets.
The 'Safe Trade Act' introduced by the U.S. House of Representatives also acted as a burden. The bill imposes a 10% basic tariff on all imported goods and progressively applies tariffs up to 100% on strategic products from China. Growing concerns over inflation pass-through have raised expectations that the core personal consumption expenditure (PCE) index may exceed 3%.
◇ Lee Jae-myung government includes virtual asset ETF and STO in national policy agenda
With the inclusion of virtual asset exchange-traded funds (ETFs) and security token offerings (STOs) in the five-year national management plan announced by the Lee Jae-myung government, the domestic asset management industry is moving quickly. Major management firms such as Mirae Asset, Samsung, and Hanwha are preparing for a first-mover competition by activating internal task forces and studies.
The Financial Services Commission plans to design the virtual asset ETF system, taking into account risk management, investor protection, and market transparency, with the industry weighing the possibility of a first product launch in the first half of next year. However, the lack of concrete guidelines is pointed out as an obstacle. An industry source noted, "No matter how well we prepare, we cannot advance a single step without government approval," urging the financial authorities to establish regulations promptly.
The government is promoting not only ETFs but also a regulatory framework for security tokens and stablecoins, as well as the establishment of a basic law for blockchain. The National Policy Commission expects that this will enable proactive responses to innovations in the domestic capital market, strengthen the competitiveness of the blockchain industry, and further address the trend of currency digitization.
◇ Bank of Korea governor meets with Circle president, noting heightened discussions on won stablecoins
On the 21st, Lee Chang-yong, governor of the Bank of Korea, held a closed-door meeting with Circle President Heith Tabert at the Bank of Korea headquarters in Seoul. This meeting was arranged at the request of Circle, and it is significant as discussions on the introduction of won stablecoins have become active in Korea, along with the need for regulations on dollar stablecoins.
A Bank of Korea official described the meeting as "preventive in nature," but the industry believes that both sides likely exchanged views on the direction of institutionalizing domestic stablecoins and the need for regulations on dollar stablecoins. Governor Lee previously remarked at a National Assembly committee meeting that "won stablecoins are necessary, but a gradual introduction centered on banks is desirable," emphasizing concerns over distortion of monetary policy and capital outflow in cases of non-bank issuance.
Kim Jun-seong, a researcher at Jaengle, analyzed, "Bitcoin showed limited movement amid macro uncertainties, with profit-taking occurring after reaching record highs," adding, "The upcoming inflation and employment indicators will determine how much expectations for rate cuts recover, which will influence the short-term market direction."
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providing essential operational solutions and trust-based community-building services based on on-chain data for companies and foundations adopting Web3. It operates the crypto data intelligence platform Jaengle, and the Jaengle research team is creating content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.