[디깅노트] 지분 규제에 묶인 가상자산법 2단계…본질은 사라졌다

South Korea's cryptocurrency regulation is stalled not by lack of legislation but by over-focus on shareholder cap restrictions, causing market entry barriers and industry exodus to overseas markets. While global regulators like the US, EU, and Japan have established comprehensive frameworks, Korean authorities are stuck debating equity percentages instead of designing market structures and issuer requirements. This regulatory paralysis is already forcing blockchain startups to establish entities abroad and halting innovation in stablecoin and RWA services.