Factblock CEO: Crypto Culture and Cutting-Edge Tech Make Korea a Web3 Testbed

South Korea is emerging as a global leader in technologies like blockchain and artificial intelligence, driven by a cultural openness to innovation and a robust digital infrastructure. Regulatory support plays a crucial role in this landscape, exemplified by the Virtual Asset User Protection Act, which aims to encourage innovation while ensuring user safety.

Korea’s Web3 Leadership: A Mix of Culture, Tech, and Regulation

South Korea has established itself as a global leader in embracing emerging technologies like blockchain and artificial intelligence (AI), a position fueled by a unique combination of factors. Koreans are culturally open to new technologies, and they live in a country with world-class digital infrastructure. This, combined with a supportive regulatory environment, has created a dynamic ecosystem that makes Korea a natural testbed for the future of Web3.

One of the most significant drivers of Korea’s technological leadership is its deeply embedded cultural affinity for innovation. Seonik Jeon, the founder and CEO of Factblock, notes that embracing new technologies is a cultural norm, not an exception. The country’s high rates of crypto ownership reflect this: a recent study by the Hana Financial Research Institute found that a quarter of all Koreans aged 20–60 own cryptocurrency, and a staggering 70% of those surveyed plan to increase their holdings.

According to Jeon, a veteran financial journalist and Web3 pioneer, this widespread adoption is built on a foundation of robust infrastructure. “Korea also benefits from the world-class infrastructure it has built over the last several decades, including the ultra-fast Internet and high smartphone penetration,” Jeon asserts. “The developer community here is vibrant and proficient, building real solutions across a wide range of use cases from gaming to AI and RWAs.”

The Regulatory Landscape and U.S. Cooperation

Jeon also highlights the vital role of regulation and points to how South Korean lawmakers have demonstrated a commitment to fostering innovation while protecting users. He cites the recently introduced Virtual Asset User Protection Act, which he says “aims to boost innovation without compromising on user protection and financial stability.”

This approach has garnered attention from the digital asset industry, which now wants other countries to follow suit. Jeon believes that while regulation can be a key driver of Web3 and crypto adoption, how countries approach it will be crucial. He contrasts the Korean approach, which leans toward crafting industry-specific rules, with the United States’ strategy of working within existing regulatory frameworks. Despite these differences, Jeon emphasizes that the industry must take an active role in guiding global regulatory efforts, and he believes that collaboration is essential for establishing consistent, harmonized standards across jurisdictions.

According to Jeon, upcoming events like Korea Blockchain Week 2025 (KBW2025) will help bridge this gap, with the event expected to feature U.S. officials and personalities like Donald Trump Jr. and Bo Hines. Jeon asserts that “KBW2025 will act as a bridge between the US regulatory frameworks and the rapidly-growing Korean blockchain and AI sectors,” believing a closer U.S.-Korea cooperation will be a significant boost to crypto adoption globally.

Institutional Adoption and Future Outlook

Jeon acknowledges the role that institutions are playing in driving crypto adoption globally. The participation of heavyweights, from internet conglomerates to gaming studios, is also helping to legitimize the industry. “They are not only bringing capital and vast distribution capabilities but also validating an industry that was viewed with skepticism by institutions not too long ago,” the veteran journalist argues.

Since its inaugural event in 2018, the challenges for KBW have evolved. In the past, organizers had to navigate bear markets and the negative sentiment they created. Today, the focus is on scouting speakers from different continents and ensuring the event remains an impactful platform. Jeon concludes that organizers have managed these challenges “by staying committed and consistent to our mission to provide a high-quality global platform that connects East and West, innovators and regulators, and startups and institutions.”