Looking at the global market, Korea has not even taken its first step in the virtual asset industry. There has been ample debate over regulations for investor protection. Now is the time to begin discussions to promote the virtual asset industry.
Co-CEO Kim Jun-woo of Xangle assessed Korea's current position in the fast-changing virtual asset industry this way. Xangle operates a virtual asset disclosure platform that standardizes and provides information on token issuance structures of virtual asset projects, changes in circulation, and key decision-making. It plays a role similar to electronic disclosure in the stock market. Based on on-chain data (all transaction records and related data generated on Blockchain networks), Xangle is expanding its business scope as an infrastructure company that supports financial institutions' virtual asset operations and decision-making.
Kim founded Xangle in Nov. 2018 with CEO Lee Hyun-woo, co-CEO and co-founder of CrossAngle, Xangle's operating company. After working as a trader at a securities firm, he moved to Samsung Electronics corporate strategy and later worked as an investment and business development specialist at NXC, the holding company of NEXON Games. Before founding CrossAngle, he served as CEO of NXVP, NXC's venture investment firm, where he also worked to carry out investments and business transactions related to virtual assets. The following is a Q&A with Kim.
─ What changes have you felt during 10 years in the virtual asset industry?
With U.S. President Donald Trump returning to office, regulatory clarity for virtual assets has emerged. Before the second Trump administration, there was no clear line between what was allowed and what was not. If in the past every business stopped at Proof of Concept (PoC) experiments, the newfound regulatory clarity has allowed virtual asset operators to scale economically the models validated in those experiments.
An example is an exchange-traded fund (ETF) like BlackRock's iShares Bitcoin Trust (IBIT), from the world's largest asset manager. Financial firms can apply for spot bitcoin ETFs and launch stablecoin products because regulations have become clear. As the United States has embraced the virtual asset market, Korea has begun to move toward incorporating it into the formal system.
─ Institutional investors are increasingly entering the virtual asset market.
In the past, technology corporations advocated the innovation of Blockchain and emphasized its uses. Now the financial industry has taken the lead, using the strengths of Blockchain technology to drive industrial innovation. With capital from large financial firms flowing into the virtual asset industry, there is no longer a need to explain how innovative Blockchain technology is or how it can be a money-making industry.
If, before virtual asset-related laws were in place, technology corporations strove to create a single success case, now the focus has shifted to an era of devising products that appeal to consumers.
─ How do you think the virtual asset industry will change going forward?
When innovative technology appears, corporations first develop the technology and then consider how to make money with it. The Blockchain business has followed a similar trajectory. In the early days, even if no one knew what made non-fungible tokens (NFTs) attractive, the attitude was to just make them first.
Now the structure of the virtual asset industry is shifting from technology-driven to corporation-driven. We are at the outset of considering how to help consumers. Industry promotion will proceed rapidly and in parallel. As with the wave of companies launching similar products shortly after BlackRock's spot bitcoin ETF came out, this will unfold quickly. With the Clarity Act on the verge of passage in the United States, a future in which stablecoins are used commercially is not far off.
The Clarity Act, the "Digital Asset Market Clarity Act of 2025," is a bill that clearly defines which agency should regulate virtual assets.
─ Your interpretation and outlook on U.S. regulatory changes?
There are concerns that if the Democratic Party wins a majority in the U.S. midterm elections in Nov., the virtual asset industry could revert to the past. But last Jun., Republicans and Democrats passed the GENIUS Act without disagreement. The reason was a shared goal of strengthening the dollar's hegemony.
In the stablecoin market, the dollar holds 99% of the global market share. Both parties believe that if the digital dollar succeeds, U.S. dollar hegemony will also be strengthened. Future U.S. legislation will aim to protect the dollar's absolute authority. In this sense, the virtual asset industry will be further promoted, and the introduction of regulations will advance at a rapid pace.
─ Where does Korea stand amid these changes?
Korea has not even taken its first step. In the United States, a stablecoin bill passed just six months after President Trump took office. Korea is focused, from a public-interest standpoint, on how to eliminate risk factors such as investor protection, whereas the United States is proceeding with discussions centered on how to promote the virtual asset industry despite some risks.
Korea has had sufficient regulatory debate on investor protection. Now we need to discuss how to utilize the virtual asset industry.