South Korea Builds Crypto Rails as Exchange Profits Slide

South Korea is drawing up a more defined rulebook for tokenized securities, with proposed requirements for capital, over-the-counter trading licenses and retail investment limits ahead of a framework scheduled to take effect in February 2027. Upbit also added Dolphin (POD) trading in KRW, BTC and USDT markets on October 2, broadening access—though a listing is no endorsement.

The Bear Case

The existing exchange business is moving in the opposite direction: South...