#地缘政治与资本流动 The signals of capital outflow from South Korea are very clear. 160 trillion Korean won are flowing to overseas platforms, reflecting a systemic disappointment among market participants with the domestic trading environment.

Breaking down the key points: First, the regulatory framework is lagging behind. The "Digital Asset Basic Law" is stalled over stablecoin issues, and the existing "Virtual Asset User Protection Law" does not cover leverage and derivatives trading. Second, investors are voting with their feet—Korean users holding large accounts on overseas platforms have doubled in a year, indicating that restrictive policies are directly driving liquidity away. Third, domestic platforms are experiencing stagnation; while Upbit and Bithumb are sizable, they are losing growth opportunities.

From the perspective of on-chain capital flows, this round of outflows is concentrated among highly active investors shifting to platforms like Binance and Bybit that offer complex products, indicating that the Korean market is being structurally diverted. There are still 10 million investors, but the growth momentum has disappeared.

Compared to regulatory battles in other regions, such scale of capital migration is usually seen during periods of policy lag. The question is whether South Korea can halt this downward trend before the framework is implemented, or if this $110 billion is just the beginning. In the short term, the competitiveness of domestic platforms will continue to be suppressed.