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# El Salvador Defies IMF Warnings, Continues Bitcoin (BTC) Purchases El Salvador’s government is moving forward with Bitcoin (BTC) acquisitions despite repeated warnings from the International Monetary Fund (IMF). Maria Luisa Hayem, El Salvador’s Minister of Economy, confirmed on October 30 that the government is still purchasing Bitcoin, reigniting debate over the country’s cryptocurrency strategy. Notably, this defies a previous agreement with the IMF, in which El Salvador reportedly agreed to halt Bitcoin acquisitions as part of a $1.4 billion loan agreement. On October 26, IMF official Rodrigo Valdés, Director of the Western Hemisphere Department, stated that the El Salvadoran government had adhered to guidelines and ceased Bitcoin purchases. “We can confirm that El Salvador is honoring its commitment not to accumulate Bitcoin reserves,” Valdés said. However, Minister Hayem’s recent comments appear to contradict this stance, raising questions about the nation’s adherence to its promises and reigniting concern among global financial organizations. According to data from Bitcoin Office, El Salvador’s government has been methodically acquiring 1 BTC every day. The government now holds a total of 6,162.18 BTC, valued at approximately $584.11 million (about 830.7 billion KRW) based on current market prices. The country’s growing Bitcoin reserves continue to spark international scrutiny, particularly as the source of the funds for these purchases remains undisclosed. While the soaring value of Bitcoin has boosted El Salvador’s digital asset reserves, critics remain skeptical. Global market observers are questioning the sustainability of President Nayib Bukele’s controversial Bitcoin strategy, and the IMF has flagged potential violations of loan conditions as a critical concern. El Salvador, the first nation to adopt Bitcoin as legal tender in September 2021, continues to face scrutiny and pressure as it defies conventional economic standards and carries forward its bold cryptocurrency experiment.

# Key Takeaways Mantle is spearheading a transformative financial ecosystem by developing an integrated "banking chain" that bridges traditional finance (TradFi) with decentralized finance (DeFi). This initiative seeks to address the longstanding fragmentation within financial systems, offering a seamless, user-friendly platform that supports both conventional financial activities and digital asset management. By leveraging advanced blockchain technologies like EigenDA and OP Succinct, Mantle has established a robust infrastructure. The use of proven asset protocols such as mETH and Function BTC creates a secure and highly liquid network that underpins a comprehensive financial ecosystem. Despite challenging market conditions in the first quarter, Mantle exhibited robust growth, reinforcing its strategic goals. The company also introduced plans for an all-encompassing financial solution, including the Mantle Index Four (MI4), a cryptocurrency equivalent of the S&P 500, simplifying investments for non-technical users; Mantle Banking, which merges traditional banking with DeFi features to deliver a neobank experience; and MantleX, which integrates AI to simplify DeFi, embedding blockchain into daily financial activities. --- # Bridging TradFi and DeFi The current landscape of blockchain finance is split between two domains. One encompasses traditional finance, including bank accounts, credit cards, and investments familiar to most users. The other is DeFi, characterized by cryptocurrencies, yield farming, and tokenized assets. This division results in siloed experiences, requiring users to navigate multiple platforms with inconsistent interfaces. This fragmentation leads to several issues for most users: - A lack of unified interfaces connecting TradFi and DeFi ecosystems, leading to frequent platform switching. - Inefficient and expensive conversions between fiat and cryptocurrencies. - High technical barriers in DeFi, making it inaccessible to mainstream users. As a result, the existing DeFi ecosystem remains complex and challenges widespread adoption. Blockchain technology, long touted for its potential to create open and efficient financial systems, has yet to deliver significant improvements in user experience. Mantle’s mission is to bridge this divide by becoming an integrated "banking chain," combining the reliability of traditional banking with the innovation of blockchain technology. Its vision is to create a unified platform where all assets—fiat and cryptocurrencies—can be managed seamlessly from a single interface. Their objective is to break down the barriers between traditional and decentralized finance, fostering a more inclusive and connected financial ecosystem for global users. --- # Evolving Mantle Ecosystem Mantle’s ecosystem is built on three strategic pillars: the Mantle Network, which offers scalability and security; asset protocols like mETH and Function BTC that provide liquidity and profits; and extensive growth initiatives that led to significant performance even during challenging market conditions in Q1 2025. ## Mantle Network: Foundation of a Secure Banking Chain The Mantle Network, an Ethereum Layer 2 solution, serves as the backbone of the ecosystem, enabling various protocols to flourish. Recently, the network improved its modular architecture with the integration of EigenDA, enhancing both scalability and security. This development increased the validator count twentyfold, enhancing censorship resistance and reducing downtime risks. The integration of EigenDA also increased bandwidth by 200x, achieving data throughput of 15MB per second to ensure scalability without bottlenecks. The network's resilience is fortified by 160,000 mETH (~$300 million), forming a self-reinforcing ecosystem that bolsters both security and revenue potential. Simultaneously, Mantle Network adopted OP Succinct on its Sepolia testnet, transitioning traditional optimistic rollups to zk-rollup-based verification systems. Key improvements include: - Compatibility with OP Stack, enabling deployment of zk-technologies without extensive code modifications. - Enhanced transaction finality within an hour, reducing waiting times and operational costs, crucial for institutional investors. - Improved security via cryptographic zk-verification, replacing vulnerable attestation mechanisms. - Cost-efficient proof generation, overcoming limitations of zk-rollups. The combined impact of EigenDA and OP Succinct positions Mantle as the first ecosystem with a fully modular zkEVM architecture, offering institutional-grade security while maximizing throughput and scalability. --- ## mETH Protocol: Redefining Staking The mETH protocol, focusing on liquid staking and restaking, achieved significant milestones in Q1 2025. Its new cmETH vault attracted over $58 million within weeks, appealing to risk-averse individuals and institutions seeking Ethereum revenue generation. With over 220,000 cmETH now restaked across protocols like Karak Network and EigenLayer, mETH is crucial in maintaining Mantle’s financial ecosystem security. Upcoming enhancements include: - Expanding cross-ecosystem integrations such as HyperEVM. - Bridging centralized finance (CeFi) with DeFi. - Improving accessibility across various platforms. With these advancements, the mETH protocol remains committed to balancing regulatory standards with sustainable, non-dilutive rewards. --- ## Function BTC: Unlocking Bitcoin’s Value As the highest-value cryptocurrency asset, Bitcoin (CBTC) has often been underutilized within DeFi due to limited applications. Function BTC aims to change this by using omnichain protocols to tokenize Bitcoin, enabling its use across multiple blockchains. With 14,500 BTC (~$1.2 billion) integrated by Q1 2025 and partnerships with firms like Galaxy Digital bolstering institutional trust, Function BTC is expanding into chains like Berachain and Sonic while exploring integrations with Solana and Sui. --- # Building a Unified On-Chain Financial System Mantle’s goal extends beyond product success—it seeks to seamlessly merge TradFi and DeFi under one ecosystem through its "banking chain" strategy. ## Mantle Index Four (MI4): Cryptocurrency’s S&P 500 MI4 tokenizes major crypto assets into a portfolio that mirrors market representation. Its allocation includes: - Bitcoin (BTC): 50% - Ethereum (ETH): 26.5% - Solana (SOL): 8.5% - Stablecoins: 15% Unlike traditional ETFs, MI4 stakes its assets, generating additional revenue streams for investors. With $400 million raised from Mantle’s treasury, MI4 showcases strong market confidence while making investments more accessible for family offices and beginners. --- ## Mantle Banking: A Unified Financial Application Aiming to replace fragmented financial experiences, Mantle Banking offers a one-stop neobank solution that integrates both fiat and cryptocurrency functionalities. Features include seamless fiat-to-crypto conversions, global payment options through virtual cards, yield-generating deposits, and flexible credit facilities collateralized by crypto assets like mETH and fBTC. By abstracting blockchain’s technical complexities, Mantle Banking enables users to access DeFi benefits without navigating complex protocols. --- ## MantleX: Revolutionizing UX with AI MantleX uses AI to streamline service delivery, addressing core usability issues in DeFi. Key applications include: - Simplifying DeFi interactions through optimized automation. - Integrating AI functionality with blockchain innovations. --- # Mantle’s Integrated On-Chain Finance Stack Anchored by Mantle Network’s robust infrastructure, the combined functionalities of its integrated stack create a synergistic ecosystem. From asset protocols like mETH powering liquidity to user-facing applications like Mantle Banking and MI4 simplifying engagement, each component enhances the platform’s collective value. Ultimately, Mantle aspires to become the operating system for on-chain finance, allowing blockchain technology to invisibly support everyday financial activities, much like the internet facilitates digital connectivity. --- # Conclusion Mantle’s unified financial stack represents a bold step towards merging TradFi and DeFi. Its holistic vision—combining network-level innovation, DeFi accessibility, and institutional-grade solutions—positions Mantle as a trailblazer in bridging traditional and decentralized finance. As TradFi intersects more with digitization and tokenization, Mantle’s “banking chain” has the potential to shape the future of blockchain-driven finance. Whether it succeeds in mainstreaming cryptocurrency for everyday financial activities remains to be seen.

# SK Telecom’s USIM Hacking Incident Highlights Security Concerns, Zero-Knowledge Proof Emerges as Solution In April, South Korea’s leading telecom provider, SK Telecom (SKT), experienced a major data breach targeting its USIM (Universal Subscriber Identity Module) system. The incident has heightened public awareness of data security risks, raising alarms across various industries. Hackers infiltrated SKT’s system using malicious code, extracting critical subscriber information such as International Mobile Subscriber Identity (IMSI), International Mobile Equipment Identity (IMEI), USIM authentication keys, and phone numbers. This breach not only exposed subscriber details but also led to potential USIM Swapping crimes—where attackers impersonate victims using stolen USIM data. USIM Swapping exploits stolen USIM information to deceive telecom companies, intercept phone calls, and SMS meant for the victim. This interception can result in cascading secondary damages, including unauthorized bank transfers, cryptocurrency wallet theft, email breaches, and unauthorized access to cloud services. Following the incident, some banks and businesses suspended SMS-based authentication for SKT networks. Employees were also instructed to replace their USIM cards. This episode underscores the catastrophic risks associated with storing sensitive authentication data on centralized servers. # Zero-Knowledge Proof: Verifying Information Without Revealing It This incident has reignited concerns regarding why sensitive information is stored in plaintext on central servers and how victims cannot effectively react once a data breach occurs. Centralized authentication systems are inherently vulnerable to hacking and insider threats, leaving individuals powerless once data leaks happen. One promising solution gaining attention is Zero-Knowledge Proof (ZKP) technology. Zero-Knowledge Proof is a cryptographic solution that allows entities to verify truths without disclosing the underlying data. Through interaction between a prover and a verifier, ZKP operates under three principles: completeness, soundness, and zero-knowledge. Traditionally, sensitive personal data has been managed on centralized servers, such as those operated by telecom giants like SKT. For example, during bank transactions requiring phone authentication, the bank relies on SKT to verify the phone number’s authenticity and match it with the account holder’s personal information. This setup necessitates storing critical customer data on central servers, creating vulnerabilities. However, with the advent of Zero-Knowledge Proof, individuals could take ownership of their data. In this system, an individual and SKT first confirm the alignment of the phone number with the person’s identity, generating a unique ZKP key based on this verification process. SKT could then discard the personal data, as the ZKP key alone would suffice for future verifications. When a bank requires identity confirmation, the individual would present a ZKP QR code issued by SKT. The bank verifies it using an SKT-provided validator, confirming the individual’s identity without accessing personal data. This method empowers individuals to own and manage their data, proving necessary facts without revealing additional information. It also protects privacy and trust, minimizing risks like those seen in the SKT incident. # Notable Applications of Zero-Knowledge Proof Projects The blockchain ecosystem has accelerated the adoption of ZKP technology, with diverse projects offering practical solutions to various challenges. Risc Zero serves as a general-purpose computing platform capable of verifying arbitrary computing results. Based on RISC-V architecture and ZK-STARK-powered ZKVM, Risc Zero enables the verification of program execution results on blockchains, including complex machine learning outputs, without exposing the original data. This makes it highly applicable in data analytics. Taiko is a base rollup project powered by Ethereum-compatible “Type 1 ZK-EVM.” Developers can seamlessly deploy existing Ethereum smart contracts without modifications while maintaining Ethereum’s security and compatibility. Taiko’s rollup system enhances transaction speeds and reduces costs, employing pre-confirmation systems to improve transactional consensus. Humanity Protocol focuses on decentralized digital ID verification through “Proof of Humanity.” Unlike Worldcoin, which uses iris scans, Humanity Protocol leverages palm vein recognition to confirm identity. Personal biometric data is stored with the individual rather than on central servers, with the proof process relying on ZKP. This ensures privacy and reliability. Zircuit combines optimistic rollups with ZK-EVM to create hybrid ZKP rollups. Initially operating under an optimistic model, Zircuit plans to incorporate ZK proofs for all transactions over time to enhance security. It also employs AI-driven security monitoring technology to detect and prevent hacking attempts while optimizing fees and speeds for Ethereum compatibility. Succinct uses ZKP to address blockchain interoperability. Its proprietary ZKVM, “SP1,” generates zero-knowledge proofs of state changes across platforms like Ethereum and Cosmos. This innovation enables trustless cross-chain messaging while ensuring cost efficiency and competitive speeds. # Zero-Knowledge Proof: The Foundation of Data Sovereignty The SKT hacking scandal served as a stark warning about the vulnerabilities of centralized authentication systems. In contrast, Zero-Knowledge Proof-based systems offer a trifecta of benefits: minimizing data exposure, maintaining trust, and enhancing security through decentralization. ZKP is not just a technical breakthrough; it represents the cornerstone of a data sovereignty era where individuals exercise full control over their information. With ZKP, users can securely complete necessary validations without entrusting sensitive data to external parties. This technology is poised to reshape trust dynamics in the emerging Web3 ecosystem. Ultimately, information security issues stem from structural flaws, not just technology failures. By eliminating centralized control over personal data, Zero-Knowledge Proof has the potential to deliver a safer and more efficient digital future. A world where individuals can enjoy digital services without fear of data compromise is no longer a distant concept—it is becoming a tangible reality.

# Stablecoins Transition from Margin Focus to Mainstream Payment Market Contenders Christian Catalini, co-founder of Lightspark and founder of the MIT Cryptoeconomics Lab, discussed in a Forbes Digital Assets column on April 29 that stablecoins have transitioned from niche cryptocurrency elements to pivotal players in the mainstream payment market. In the past week, several major companies have made significant moves within the burgeoning stablecoin ecosystem: - **PayPal and Coinbase** partnered to bolster PYUSD, shifting focus from their previous collaboration centered around USDC. - **Tether**, in partnership with SoftBank, invested $3.6 billion in Bitcoin SPAC “Twenty One Capital,” enhancing its influence in the U.S. market. - **Stripe** teased its internally developed stablecoin initiative after years of groundwork. - **Circle**, nearing its public debut, announced a payment network targeting SWIFT, alongside Visa and Mastercard. Credit card companies swiftly reacted by accelerating their efforts to create stablecoin-based payment networks. Catalini, referencing his 2024 warning with UCLA Professor Jane Wu about looming payment sector competition, remarked, "This battle is now fully underway, mostly transpiring behind the scenes." The landscape is defined by complex rivalries between new challengers and established issuers like Tether and Circle. # Central Bank Proximity and Traditional Finance Ties Catalini highlighted that the competitiveness of stablecoin issuers depends on their ability to "digitize the dollar efficiently." Specifically, proximity to central bank reserves—used metaphorically—indicates strong collaboration with traditional financial institutions. Catalini explained, "The closer an issuer is to the traditional financial sector, the lower their funding costs for reserve assets, directly boosting their competitiveness." Revenue for issuers comes from two main sources: 1. **Interest income from reserves (stock)** 2. **Transaction fees for transfers or payments (flow)** However, during interest rate downturns, profitability drops sharply, and intense fee competition might eventually erode revenues to near zero. For instance, Catalini pointed out PYUSD’s 3.7% annual return on balances, emphasizing that issuers must reinvest earnings into user incentives to maintain market share. # “Payment Sandwich” Model and Stablecoins as a Value Store Catalini spotlighted the “Stablecoin Sandwich” model as the most practical current application of stablecoins. This model mitigates limitations of existing real-time payment networks—such as Brazil’s PIX, India’s UPI, and Mexico’s SPEI—for cross-border transactions. In this model, payment orchestration startups convert domestic currency into stablecoins for blockchain transfers, then revert them to local currencies for settlement. Although seemingly intricate, the process operates in real-time with minimal transaction fees. Estimates indicate that $10-30 billion monthly already moves through this method. Catalini stressed the importance of deep liquidity pools in these high-speed transactions, stating, “Larger volumes reduce forex losses, leading to smoother trades.” Stablecoins also act as a digital dollar vault in high inflation regions, such as Latin America, Africa, and Southeast Asia. Tether has gained a significant market share in these areas, broadening its user base. With U.S. legislative clarity on the horizon, stablecoins could become a favored asset storage tool for various institutions and individuals. However, stablecoins face increasing competition as asset management giants like BlackRock introduce on-chain Treasury bonds and tokenized money market funds, signaling traditional finance’s direct entry into crypto-based markets. # The Winner Will Be Defined by Distribution Channels, Not Coins Catalini emphasized that the ultimate winner in the stablecoin race will be determined not by the type of coin created but by its adoption and integration into payment infrastructure. "Long-term success hinges on the apps, wallets, and payment solutions driving transactions," he asserted. Currently: - **Coinbase** supports PYUSD along with its preferred USDC. - **Robinhood and Kraken** have integrated into Paxos’ USDG network. - **Stripe and Revolut** are reportedly developing proprietary stablecoin solutions. - **Visa and Mastercard** are building blockchain-powered direct settlement infrastructure. - **Circle** targets credit card companies with its Circle Payment Network (CPN). “Fintech companies, banks, and digital platforms are racing to secure essential payment pipelines and distribution channels,” Catalini remarked. He cautioned, “If stablecoins don’t break into the mainstream payment market, they risk becoming an invisible technological layer.”

# BlackRock to Tokenize $150 Billion Treasury Trust Fund on Ethereum Blockchain BlackRock, the world's leading asset manager, has unveiled plans to tokenize its $150 billion Treasury Trust Fund, marking the largest real-world asset tokenization (RWA) ever. This move sets a significant precedent for the Ethereum (ETH) ecosystem, signifying a new chapter of financial innovation through blockchain technology. A recent investment prospectus filed with the U.S. Securities and Exchange Commission (SEC) on April 28 reveals that BlackRock plans to launch a new share class called "DLT (Digital Ledger Technology) Shares." This blockchain framework will provide real-time asset ownership tracking by leveraging Ethereum's decentralized ledger capabilities. The Treasury Trust Fund mainly invests in U.S. government bonds and short-term securities, aiming to preserve liquidity and principal while generating returns. The tokenized "DLT Shares" will function alongside the traditional fund structure, maintaining ownership on-chain in collaboration with Bank of New York Mellon (BNY Mellon). # Ethereum Celebrates a Major Win: The Largest Asset Onboarding The industry has widely applauded this development as a landmark for Ethereum. Eric Conner, a former Ethereum Foundation developer and cryptocurrency advocate, commented, "This is a massive victory for Ethereum, marking the most significant real-world asset integration yet." Ethereum's role as the go-to blockchain for institutional-grade tokenization continues to solidify. BlackRock already operates a tokenized fund, the "USD Institutional Digital Liquidity Fund (BUIDL)," also based on Ethereum, which handles roughly $2.34 billion in assets. Crypto analyst CryptoGoos shared his thoughts on Twitter: "BlackRock is building on Ethereum, signifying their belief in $ETH as the leading ecosystem. Ethereum is notably undervalued." # BlackRock CEO Larry Fink Endorses Tokenization Larry Fink, BlackRock's CEO, has strongly advocated for tokenization as a means to revolutionize asset management. In March, Fink highlighted blockchain's transformative potential, emphasizing its ability to settle transactions in seconds, operate 24/7, and unlock illiquid capital for economic growth. "Tokenization can reshape financial markets," he asserted. # Ethereum Faces Challenges Despite Institutional Interest Despite Ethereum's expanding ecosystem and major institutional interest from players like BlackRock, the price of Ethereum (ETH) remains low. ETH has dropped 63% from its all-time high in 2021 and is down 50% since early 2023. Still, many analysts are optimistic about its long-term prospects, with some predicting ETH could exceed $10,000. In a further commitment to Ethereum, BlackRock recently acquired $162 million worth of ETH over four days through its newly launched spot Ethereum ETF (ETHA). This strategic purchase reflects strong institutional belief and indicates that investors are capitalizing on the current price drop for future benefits. BlackRock's actions highlight the growing institutional acceptance of blockchain and Ethereum, bolstering Ethereum's position as a leader in the evolving tokenization landscape. While the immediate impact on Ethereum's price is uncertain, the long-term implications for the ecosystem are significant.

# U.S. Federal Court Rules Treasury Department’s Sanctions on Tornado Cash Illegal A federal court in Texas has deemed the U.S. Department of the Treasury’s sanctions against Tornado Cash, a cryptocurrency mixer service, illegal. This ruling prevents the Treasury from reinstating or blacklisting the service. Reports from local media on the 30th (local time) revealed that Judge Robert Pitman of the U.S. District Court for the Western District of Texas issued the ruling on the 28th, asserting that the Office of Foreign Assets Control (OFAC) within the Treasury Department overstepped its legal bounds in sanctioning Tornado Cash. The judge emphasized that these sanctions could not be enforced indefinitely. In November of last year, Joseph Van Loon and others filed a lawsuit, arguing that OFAC’s decision to include Tornado Cash’s smart contract addresses on the Specially Designated Nationals and Blocked Persons (SDN) list was unlawful. OFAC had sanctioned Tornado Cash in August 2022, alleging that it facilitated money laundering for North Korean hacking group Lazarus Group. The latest ruling blocks OFAC from reimposing sanctions on Tornado Cash or re-adding it to the sanctions list. While a lower court initially sided with the Treasury Department, the U.S. Fifth Circuit Court of Appeals overturned that decision, resulting in a partial victory for the plaintiffs. On the same day, the nonprofit organization DeFi Education Fund urged David Saks, White House advisor on digital asset policy, to drop criminal charges against Roman Storm, co-founder of Tornado Cash. Storm was indicted in August 2023 for allegedly laundering over $1 billion in digital assets. His trial is set for July. This ruling is a pivotal moment in the ongoing debate over the extent of government control over decentralized technologies and the limits of financial sanctions.

# South Korea Proposes Independent Authority for Crypto Listings and Market Surveillance Concerns Over Reduced Exchange Autonomy Despite Investor Protection Aim To enhance investor protection, South Korea is considering establishing an external body to oversee digital asset listings and market surveillance, shifting away from the self-regulatory model managed by cryptocurrency exchanges. Lawmakers are scrutinizing proposals to centralize listing oversight through the Digital Assets Basic Act. Yet, there's rising concern about compromises in exchange autonomy and market competitiveness. # Legislative Push for External Oversight On October 30, industry sources noted that Rep. Min Byung-deok of the Democratic Party plans to introduce the Digital Assets Basic Act next month. This bill proposes transferring listing reviews and market surveillance to committees under the Korea Digital Asset Industry Association (KDAIA). These committees will manage listing requests, decisions on maintenance and delisting, and monitor unfair trading. Digital asset companies will need to join the association, and listing applications must undergo a review by the association’s committees to ensure compliance and suitability. # Shifting Key Roles to External Committees The proposed shift aims to address persistent flaws in the self-regulatory framework. In July 2022, the Digital Asset Exchange Alliance (DAXA), a collaboration of cryptocurrency exchanges, introduced "Model Standards for Virtual Asset Trading Support" to standardize listing criteria. These standards required evaluating both formal and qualitative aspects of digital assets, with a reevaluation of pre-listed assets every six months. Despite these efforts, inconsistencies in review processes, judgment standards, and uniform application persisted. This underscored the need for systemic improvements. Speculative trading incidents, as seen with assets like AVAIL and MOVE, prompted calls for stricter oversight. Rep. Min highlighted structural issues at a September forum, noting, “Exchanges profit from higher transaction volumes through fee revenue. Allowing exchanges to decide on delistings autonomously presents conflicts of interest, even with DAXA's oversight. Conflicts arise because exchanges retain delisting authority.” To counter these conflicts, the legislation adopts Japan’s model. In Japan, the Financial Services Agency regulates the Japan Virtual Currency Exchange Association (JVCEA), which reviews digital assets before listing. The JVCEA runs a whitelist of assets meeting strict criteria, restricting listings to preapproved tokens. While initially limited with about 60 tokens listed as of 2023, Japan's introduction of a Greenlist system has eased entry requirements for compliant exchanges. # Autonomy and Competitiveness Concerns The proposed centralization of listing and market surveillance faces criticism. Higher listing barriers might push promising blockchain projects to foreign markets, potentially sidelining domestic investors from vital information and investment opportunities. Cho Yoon-seong, a senior researcher at Tiger Research, cautioned, “Standardizing listing reviews under an independent body could stifle competition among exchanges. Liquidity might shift to major exchanges, concentrating the market.” He warned, “If domestic listings are limited, South Korean investors could turn to international exchanges with more options. Global projects may abandon the domestic market due to regulatory obstacles, weakening local market competitiveness.” Concerns also include potential inefficiencies if a single entity monopolizes the listing process. Critics foresee longer approval times, higher costs, and limited market diversity. Kim Hyo-bong, a lawyer at Pacific Law Firm, noted, “Entrusting listing and delisting solely to associations or regulatory bodies introduces significant limitations in real-time market responsiveness, specialized evaluation expertise, and risk management for listings.” However, Kim acknowledged the need for oversight, stating, “Market operations autonomy carries risks of exchange interest conflicts. Clear legal definitions for listing criteria and procedures, paired with regulatory oversight and post-facto controls, are necessary.” As the legislation evolves, stakeholders remain divided on whether centralizing listing and surveillance functions effectively balances investor protection with market efficiency and dynamism.