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

The core issue lies in the 《Digital Asset Basic Law》 being stalled over stablecoin issuance, and the uncertainty in the regulatory framework directly causing divergent investor behaviors—domestic platforms face growth stagnation due to product restrictions, while overseas platforms like Binance and Bybit see their large account numbers double. This is not just capital flow but also a signal of market participants' voting with their feet.

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—lack of clear standards for stablecoin issuance means that complex products like leveraged trading and derivatives are difficult to come online compliantly, gradually eroding the competitiveness of local exchanges compared to overseas platforms.

From the perspective of on-chain capital flow, 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 to product upgrade policy space. This on-chain signal also has reference significance for the regulatory direction of other Asian markets.