Prof. Park Hye-jin: "Protecting Users is Protecting the Industry... Cooperation and Transparency are Essential"

# Industry Must Prioritize User Protection, Says Professor Blockmedia Reporter Suhwan Oh "Protecting users is equivalent to protecting the industry. If the industry collapses, the entire market, not just specific companies, faces a crisis." Hyejin Park, a principal professor at the Seoul School of Integrated Sciences & Technologies (aSSIST), emphasized at a seminar hosted by the Korea Blockchain Industry Promotion Association at the National Assembly on the 12th that cooperation, transparency, and trust building are crucial for domestic digital asset exchanges to maintain global competitiveness. "While blockchain is used overseas as a significant tool for business expansion and innovation, in Korea, the moment companies mention blockchain and token issuance, they hit a regulatory wall," said Prof. Park. "Eventually, they don't even get the opportunity to utilize it.” She pointed out that this environment is ultimately undermining the competitiveness of domestic blockchain companies. "In a global trend where the market for utilizing blockchain technology is expanding, Korean companies are becoming increasingly subdued," said Prof. Park. "If we fail to follow this trend, only foreign companies will grow, and the Korean market will inevitably become isolated." While the domestic market is constrained by regulations, the foreign market quickly responds to crises through collaboration, minimizing damage. Prof. Park cited the recent hacking incident involving Bybit, which suffered losses of 2 trillion won, to illustrate the different approaches to overcoming crises in the global market. "Major global exchanges like Binance provided financial support, and analytic companies like Chainalysis began tracking down criminals immediately," she said. "Thanks to this cooperation, Bybit was able to fully recover customer assets within just two days and maintain investor trust." In contrast, Prof. Park criticized Korea's response. She attributed the issue to the uncooperative and opaque communication systems of domestic virtual asset exchanges. "In the case of the Wemix hacking incident on the 28th of last month, the domestic industry was notified of the hack three days after it occurred," she noted. "Notification of measures to address the issue came six days after the incident." Prof. Park stressed that introducing regulations aligned with global standards and industry collaboration are essential to restoring trust in the blockchain market. "To prevent the domestic market from becoming isolated, we must strengthen international cooperation and create an environment aligned with global standards," she said. "It's time for both the government and the industry to contemplate and seek changes together."