Upbit 的韓國加密貨幣主導地位引發監管擔憂

韓國領先的加密貨幣平台Upbit佔據80%的市場份額，交易量位居全球前五名。隨著新法規旨在保護投資者，可能會鞏固 Upbit 的主導地位，並給規模較小​​的競爭對手帶來挑戰，人們開始擔心。

Upbit's Dominance in South Korea's Crypto Landscape Raises Regulatory Concerns

Upbit 在韓國加密貨幣領域的主導地位引發監管擔憂

Upbit, a South Korean cryptocurrency exchange, has become a behemoth in the country's digital asset trading ecosystem, accounting for over 80% of its total volume and ranking among the world's top five exchanges in terms of trading activity.

韓國加密貨幣交易所Upbit已成為該國數位資產交易生態系統中的龐然大物，佔其總交易量的80%以上，交易活躍度位居全球前五名。

This dominance has drawn scrutiny and raised concerns, especially as South Korea implements new legislation aimed at bolstering investor protection in the wake of the TerraUSD stablecoin collapse in 2022.

這種主導地位引起了審查並引發了擔憂，特別是在 2022 年 TerraUSD 穩定幣崩盤後，韓國實施了旨在加強投資者保護的新立法。

The Virtual Asset User Protection Act, set to be enforced in July, will impose stringent requirements on crypto exchanges, including increased reserve holdings, enhanced investor protection measures, and robust monitoring of suspicious transactions.

將於 7 月實施的《虛擬資產用戶保護法》將對加密貨幣交易所提出嚴格的要求，包括增加儲備金持有量、加強投資者保護措施以及對可疑交易進行嚴格監控。

Observers fear that these regulations could further cement Upbit's position as the undisputed leader in the Korean market, creating a regulatory moat that smaller competitors will struggle to overcome.

觀察家擔心，這些法規可能會進一步鞏固 Upbit 作為韓國市場無可爭議的領導者的地位，從而形成一條較小的競爭對手難以克服的監管護城河。

Nam HyeonJoon, a spokesperson for Bithumb, Korea's second-largest trading platform, has highlighted the challenges posed by the new regulatory framework, emphasizing the substantial capital and manpower required for compliance.

韓國第二大交易平台 Bithumb 的發言人 Nam HyeonJoon 強調了新監管框架帶來的挑戰，強調合規所需的大量資本和人力。

Simon Seojoon Kim, CEO of Hashed, a Korea-based venture capital firm, echoes these concerns, suggesting that well-resourced exchanges like Upbit may have an advantage in meeting the new standards, potentially widening the gap between market leaders and their smaller rivals.

韓國創投公司Hashed 的執行長Simon Seojoon Kim 也表達了這些擔憂，他表示，像Upbit 這樣資源豐富的交易所可能在滿足新標準方面具有優勢，從而有可能擴大市場領導者與其規模較小的競爭對手之間的差距。

The regulatory hurdles have already impacted international exchanges seeking to enter the Korean market. Singapore-based Crypto.com recently postponed its planned launch in South Korea, citing the need for further dialogue with regulators. This decision came amid reports of heightened regulatory scrutiny, with concerns raised about the exchange's anti-money laundering practices.

監管障礙已經影響了尋求進入韓國市場的國際交換。總部位於新加坡的 Crypto.com 最近推遲了在韓國的推出計劃，理由是需要與監管機構進一步對話。這項決定是在監管審查加強的報告中作出的，人們對該交易所的反洗錢做法表示擔憂。

Since the crypto law was passed last June, several smaller exchanges in South Korea, such as Huobi Korea, Cashierest, and Coinbit, have been forced to close their operations. Analyst Min Seung Kim from Korbit Research believes that Upbit will have no difficulty in complying with the new regulations, further consolidating its dominance.

自去年 6 月加密法通過以來，韓國火幣韓國、Cashierest 和 Coinbit 等幾家小型交易所被迫關閉業務。 Korbit Research分析師Min Seung Kim認為，Upbit遵守新規定將沒有困難，進一步鞏固其主導地位。

Despite the evolving regulatory landscape, South Korea's enthusiasm for cryptocurrencies remains unabated. Over six million Koreans, representing more than 10% of the population, actively engage in crypto trading, and the won has emerged as the most traded currency globally against crypto-assets.

儘管監管環境不斷變化，韓國對加密貨幣的熱情依然不減。超過 600 萬韓國人（佔總人口 10% 以上）積極參與加密貨幣交易，韓元已成為全球加密資產交易量最大的貨幣。

The country remains a breeding ground for crypto enthusiasts, with many individuals pivoting from traditional stocks to digital assets. Ho Chan Chung, head of marketing at Korean analytics firm CryptoQuant, exemplifies this trend, stating, "I invested more in stocks before, but now I'm all in crypto."

該國仍然是加密貨幣愛好者的溫床，許多人從傳統股票轉向數位資產。韓國分析公司 CryptoQuant 的營銷主管 Ho Chan Chung 舉例說明了這一趨勢，他表示：“我以前在股票上投資更多，但現在我全部投資於加密貨幣。”

Launched in 2017 by Dunamu Inc., Upbit has rapidly ascended to become a major player in the global crypto market. According to CCData, its global trading volume has surged to nearly 5%, up from 1.4% in January 2021. Backed by Kakao Corp. and Woori Technology Investment, Upbit reached a peak valuation of $15.7 billion during the pandemic.

Upbit 由 Dunamu Inc. 於 2017 年推出，現已迅速成為全球加密貨幣市場的主要參與者。根據 CCData 數據顯示，其全球交易量已從 2021 年 1 月的 1.4% 飆升至近 5%。

The upcoming regulatory framework will undoubtedly reshape South Korea's crypto ecosystem, and Upbit's dominance is likely to be a central factor in the evolving landscape. As the country seeks to balance investor protection with innovation, the regulatory environment will play a crucial role in determining the future contours of the crypto market in South Korea.

即將推出的監管框架無疑將重塑韓國的加密生態系統，而 Upbit 的主導地位很可能成為不斷發展的格局的核心因素。隨著韓國尋求平衡投資者保護與創新，監管環境將在確定韓國加密貨幣市場的未來輪廓方面發揮至關重要的作用。