韩国加密大逃亡：资本、企业与人才的外流

Odaily星球日报2025-01-24 tarihinde yayınlandı2025-01-24 tarihinde güncellendi

Özet

过度依赖交易量而非生态系统建设的情况，导致在国际市场上出现 「韩国折价」。

原文作者：Jay Jo、Yoon Lee，Tiger Research

原文编译：Luffy，Foresight News

要点

  • 韩国的加密货币交易量居高不下，吸引了全球关注，但监管的不明确以及缺乏指导方针阻碍了行业发展。

  • 政府禁止为企业开设加密货币交易实名账户。这一限制再加上模糊的监管框架，导致了人才、资本和企业外流，削弱了 Web3 生态系统的竞争力。

  • 随着全球 Web3 行业有望在特朗普政府领导下迅速发展，韩国必须改革监管政策，以确保该行业的长期可持续性。

1. 引言

「加密货币友好总统」特朗普的就职以及美国证券交易委员会（SEC）加密特别工作组（Crypto 2.0 TF）的成立，将加速全球 Web3 市场的结构性变革。这是一个关键转折点。人才、资本和企业可能会迁移到拥有健全监管框架的国家，而从监管不确定国家的外流将加剧。

韩国加密大逃亡：资本、企业与人才的外流

2024 年各国资金流入 / 流出情况，数据来源：Henry & Partners

韩国也处于这一趋势之中。Henry & Partners 公司《 2024 年私人财富迁移报告》显示，韩国在亚洲高净值人群移民方面位居榜首。经济、社会和文化因素推动了这一移民潮。尽管与 Web3 行业没有直接关联，但这些人群往往像煤矿中的金丝雀一样，预示着一个国家商业环境的变化。

在此背景下，重新审视韩国的 Web3 行业至关重要。本报告探讨了韩国 Web3 市场中资本、企业和人才的流动情况，以及该行业必须应对的关键挑战。

2. 资本外流：离岸交易所与加速的链上转移

韩国的加密货币市场发展迅速。有 1560 万加密货币投资者，持有资产达 730 亿美元。加密货币交易所的日均交易量如今与韩国综合股价指数（KOSPI）和韩国创业板市场（KOSDAQ）的交易量总和相当。这反映出韩国投资者对加密资产的热情，其背后的驱动因素是股市回报率低以及与戒严相关的政治不稳定。

韩国加密大逃亡：资本、企业与人才的外流

然而，近期加密资产的外流已达到令人担忧的程度。戒严期间，当地主要交易所的服务中断，削弱了人们对这些平台稳定性的信任。与此同时，外国交易所和去中心化金融（DeFi）提供的多样化投资机会，进一步推动了资本迁移。

韩国金融服务委员会 2024 年上半年虚拟资产服务提供商（VASP）调查显示，向外地 VASP 钱包的资金转移同比增长了 2.3 倍。链上数据证实了这一趋势，表明从本地交易所向外国平台的资产迁移持续增加。

从长期来看，资本迁移可能会损害韩国的 Web3 行业。交易费用和服务收入流向国外，削弱了本土生态系统的竞争力，降低了投资者保护。这也引发了对韩元需求下降及其价值波动性增加的担忧。

3. 迁移潮：将总部迁至对加密货币友好的国家

韩国的 Web3 公司正在加速离岸迁移。2024 年，Nexon 的区块链部门 Nexpace 以及 Klaytn 和 Line Finschia 的 Kaia 基金会迁至阿布扎比。WeMade 的 Wemix 迁至迪拜。Web3 行业正迅速向监管更明确、更有利的国家转移。

韩国在推动 Web3 相关业务方面面临诸多障碍。公司无法开设用于加密货币交易的公司账户，这使得使用加密资产变得困难。这给加密资产的变现带来了复杂性，并在会计、税收和业务运营方面产生问题。例如，在加密货币支付业务中，企业 A 可能从消费者处收到加密资产，需要以韩元与卖家结算付款。没有公司账户，变现资产几乎不可能。

尽管韩国建立了监管框架，但缺乏针对稳定币、DeFi 和 Web3 游戏的具体指导方针，限制了行业增长。该国积极的监管方式限制了未明确许可的业务。相比之下，全球市场受益于支持各种示范项目的监管沙盒。

特朗普政府对加密货币的立场可能会凸显这种差异，海外有利的监管环境加速 Web3 公司从韩国的迁移。

4. 人才外流：削弱 Web3 行业的技术竞争力

韩国 Web3 公司迁至国外可能会对国内 Web3 人才库产生负面影响。随着公司迁至监管更明确、更有利的国家，国内就业机会可能减少，导致人才外流。这可能会阻碍国内 Web3 生态系统的发展。

人才迁移对韩国来说不仅仅是 Web3 行业的问题。韩国是关键人才向美国迁移比例最高的国家之一，尤其是拥有硕士和博士学位的人才。这种趋势在依赖技术的 Web3 行业尤为明显，可能会损害该行业的竞争力。

相比之下，美国和阿联酋等国家通过明确的监管和支持性政策促进其 Web3 行业发展。韩国不明确的监管环境加速了人才流失，这对韩国的技术竞争力和产业生态系统构成长期威胁。

5. 2025 年韩国 Web3 市场的挑战与机遇：监管改革与行业增长

韩国因加密货币交易量而受到全球关注。然而，这一交易量并未促进行业发展，使该国成为全球交易商的流动性通道。这种结构不利于可持续增长。韩国迫切需要在商业和技术方面取得进展，以强化 Web3 生态系统。

韩国加密大逃亡：资本、企业与人才的外流

来源：Arthur Hayes

由于本土创新不足和监管不确定性，韩国在全球 Web3 发展中处于边缘地位。这种过度依赖交易量而非生态系统建设的情况，导致在国际市场上出现 「韩国折价」。

2025 年，随着新政府上台，预计全球行业将发生重大变化。在这些变化中，韩国处于关键十字路口。积极的举措包括允许加密货币运营商开设公司账户、制定稳定币监管规定以及推进加密货币立法。然而，这些努力只是触及表面。

为了取得进展，韩国必须应对风险，分析全球政策转变，并制定适合国内情况的监管框架。韩国必须从单纯关注交易量，转向建立一个以卓越商业和技术领导力为特色的可持续创新中心。

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