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Embrace crypto or else, Eric Trump, Dunamu CEO Oh Kyoung-suk warn at blockchain conference in Seoul

Published: 09 Sep. 2025, 17:19 Updated: 10 Sep. 2025, 18:22

JIN MIN-JI
[email protected]

Dunamu CEO Oh Kyoung-suk gives a speech at the Upbit D Conference (UDC), held at the Grand InterContinental Seoul Parnas in Gangnam District, southern Seoul, on Tuesday. [DUNAMU]

The era of dismissing cryptocurrency as a mere bubble has come to an end, and it is now a crucial moment for governments, businesses and individuals to explore how to harness its potential — and that will require timely regulatory easing, according to Dunamu CEO Oh Kyoung-suk on Tuesday.

“While Korea responded defensively to the global big tech onslaught during the internet and AI revolutions, it can take an offensive approach in entering the global market during the blockchain revolution,” Oh said during his keynote speech given at the Upbit D Conference (UDC), held at the Grand InterContinental Seoul Parnas in Gangnam District, southern Seoul.

The eighth round of Dunamu’s annual blockchain conference took place under the theme of “Blockchain, to the Mainstream,” where topics ranging from global policy to stablecoins, virtual asset payments and Web 3.0 were discussed. Keynote speakers included Eric Trump, executive vice president of the Trump Organization. Dunamu is the operator of Upbit, Korea’s largest crypto exchange in terms of trading volume and customer base.

“If there were a policy in Korea to allow digital asset businesses similar to those possible in the United States, we believe we could proudly compete on the global stage as national representatives,”

Compared to the top exchange in the United States, it’s true that Upbit faces several business disadvantages, including being unable to offer derivatives trading, only allowing domestic users to register and permitting corporate accounts only on a trial basis, Oh said, while noting the United States’ recognition of digital assets and the establishment of relevant legal frameworks, including the passage of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) in July.

The act is a regulatory framework for payment stablecoins, which “has risen as a key bridge connecting finance and blockchain,” Oh said.

Designed to maintain a steady value by being pegged to fiat currencies, stablecoins have become a controversial topic in Korea, as major economies move to clarify rules around digital assets tied to legal tender. While calls for regulation are growing, legislation is still being debated in the National Assembly amid controversy over its potential to undermine the monetary policy system.

Eric Trump, co-founder of American Bitcoin, speaks virtually at the Upbit D Conference (UDC), held at the Grand InterContinental Seoul Parnas in Gangnam District, southern Seoul, on Tuesday. [DUNAMU]

“The successful adoption of a Korean won-based stablecoin depends on the distribution capabilities of exchanges and the expansion of blockchain infrastructure,” Oh added.

To achieve this goal, Upbit launched the GIWA (Global Infrastructure for Web3 Access) chain, a blockchain designed to support a won stablecoin, as well as the GIWA Wallet.

The market capitalization of stablecoins is approximately 400 trillion won ($290 billion), with U.S. dollar-based stablecoins accounting for 99% of the market.

Such influence could not only affect monetary sovereignty but also impact the entire financial system, including payments, deposits and asset management, Oh added.

Other keynote speakers at the event included Trump and Patrick McHenry, a former chairman of the House Financial Services Committee and a key architect of U.S. financial policy, who emphasized the urgency of countries actively joining the crypto race.

“Either embrace these digital assets, or they’re going to get left behind,” said the U.S. President’s second son, who attended the event virtually. “Right now, cryptocurrency is growing faster. Growing faster than the growth of the internet.”

“It’s people’s willingness to say yes — people’s willingness to actually sit down and understand how it can be done better. Those people are going to win the race,” he added.

Eric Trump co-founded American Bitcoin, the crypto-mining company, in March. The company made its Nasdaq debut last week.

McHenry said regulatory authorities in the United States are moving at an unprecedented pace to establish legislation regarding digital assets.

He explained that it would be a flawed premise to suggest that regulators must weigh consumer protection against innovation, adding that creating deep and liquid markets is the most effective form of consumer protection and also the strongest driver of innovation.

The global market capitalization of digital assets is approximately 5.4 quadrillion won, surpassing the combined market cap of Korea’s benchmark index, the Kospi, and tech-heavy Kosdaq, which stands at around three quadrillion won.

“As blockchain technology is still in its early stages, this is an opportunity for Korea to take an aggressive approach in entering the global market,” Oh added.

BY JIN MIN-JI [[email protected]]