Hashed Open Research warns South Korea risks falling behind U.S. on public blockchain

Hashed Open Research (HOR) warns that South Korea may fall further behind the United States in public blockchain competitiveness due to regulatory and institutional uncertainty. The report, published with the Solana Policy Institute, highlights that the U.S. is enhancing its industry competitiveness by establishing digital-asset regulations focused on public blockchains through the GENIUS Act and the CLARITY Act. In contrast, South Korea lacks clear standards for digital-asset businesses, including licensing requirements, which creates uncertainty in areas such as stablecoins, custody, and token issuance. The U.S. is also advancing real-world asset tokenization, including Treasuries and real estate, through private-placement exemptions under Regulation D, while South Korea's market development is hindered by potential public-offering rules. Furthermore, South Korea is behind in its stablecoin framework and public blockchain standards, necessitating a shift from a regulation-centered approach to a more predictable and open regulatory model to enhance industry competitiveness.