#稳定币监管 South Korea's recent capital outflow data is worth noting. The transfer of 160 trillion KRW (approximately $110 billion) to overseas platforms reflects the real impact of stablecoin regulatory policies.

The core issue lies in the fact that the "Digital Asset Basic Law" is stalled due to stablecoin issuance problems, and the uncertainty in the regulatory framework has directly led to divergent investor behaviors—domestic platforms face stagnation due to product restrictions, while overseas platforms like Binance and Bybit see their large account numbers double. This is not just a capital flow but also a signal of market participants' foot voting.

With 10 million investors in Korea and billions of KRW in revenue for Upbit and Bithumb, this market size should not have fallen into a growth dilemma. The delay in stablecoin policy has become a key variable—without clear standards for stablecoin issuance, complex products like leveraged trading and derivatives find it difficult to go live compliantly, gradually eroding the competitiveness of local exchanges compared to overseas platforms.

From the perspective of on-chain capital flows, this is a typical cross-border asset transfer caused by regulatory uncertainty. Key follow-up points include: when will Korea's stablecoin regulation be implemented, and how will domestic platforms respond with product upgrades and policy space. This on-chain signal also has reference value for the regulatory direction of other Asian markets.