South Korean Authority Grants Cryptocurrency Listing Permission to Upbit in Recent Regulatory Actions
South Korea's crypto landscape is undergoing a transformative shift, paving the way for a comprehensive regulatory framework. This transition empowers exchanges like Upbit to take charge of token listings, a change showcased by the addition of three new tokens - Hyperlane (HYPER), RedStone (RED), and Sophon (SOPH) - to Upbit's repertoire.
Hyperlane and RedStone trading pairs will soon be accessible with Bitcoin (BTC) and Tether (USDT), making these open-source blockchain solutions more accessible. Hyperlane, an interoperability protocol, fosters secure and adaptable connections between blockchains, enabling cross-chain application development with customizable messaging security. RedStone, a decentralized finance (DeFi) oracle service, will deliver fast and scalable data feeds to DeFi protocols, aiming to offer modular oracle solutions for various blockchain ecosystems.
Upbit announced the listing of these tokens to cater to growing market interest, with both tokens available for trading in the global markets section under BTC and USDT pairs. This move evidences the increasing demand for infrastructure-focused blockchain solutions, and the decisions made by exchanges like Upbit highlight the growing autonomy of Korean exchanges ahead of the Crypto Basic Act implementation.
The Democratic Party of Korea (DPK) plans to introduce the Crypto Basic Act, aiming to establish a full regulatory framework for digital assets. The act covers asset issuance, distribution, exchange listings, and regulatory oversight, transitioning from user protection to full-scale industry development. Unlike earlier proposals, the bill allows individual exchanges to control their listings, preserving domestic competitiveness.
Sophon (SOPH), a consumer-facing blockchain utilizing the ZK Stack and based on zkSync’s Elastic Chain model, will also be listed on Upbit, expanding the exchange's token offerings to align with zero-knowledge proof innovations. SOPH aims to provide Ethereum-level security and ZK ecosystem interoperability. It will allow deposits and withdrawals through the Sophon Chain network, running on core elements such as ZK Router and ZK Gateway.
In the Sophon ecosystem, SOPH serves as a virtual asset for staking, governance, utility for dApps, and transaction fees on the Sophon Chain. The project emphasizes low-latency performance and seamless user experiences, targeting mass adoption by merging user-centric design with strong technical architecture, aiming to bridge mainstream users and advanced blockchain infrastructure.
Upbit will monitor internal liquidity before enabling full trading for Sophon (SOPH), announcing deposit and trading schedules once liquidity conditions are met. Traders are advised to follow official updates from Upbit for real-time information, as South Korea prepares to implement the Crypto Basic Act, allowing individual exchanges to manage listings while ensuring transparency and enforcement, thus fostering a more flexible and competitive market structure.
The addition of Hyperlane, RedStone, and Sophon tokens demonstrates Upbit's focus on tokens with strong utility. These additions also signal a strategic shift in South Korea’s approach to digital assets, with significant implications for the country’s cryptocurrency industry. With the Crypto Basic Act, the Democratic Party of Korea aims to reduce uncertainty, promote national stablecoins, boost institutional investment opportunities, enhance industry leadership, and improve investor protection, positioning South Korea as a global financial hub for digital assets.
- The addition of Hyperlane, RedStone, and Sophon to Upbit's token listings indicates a focus on blockchain solutions with strong utility.
- Hyperlane, an open-source interoperability protocol, will enable cross-chain application development with secure and adaptable connections between blockchains.
- RedStone, a decentralized finance oracle service, will provide fast and scalable data feeds to DeFi protocols.
- Sophon, a consumer-facing blockchain, aims to provide Ethereum-level security and ZK ecosystem interoperability.
- Sophon (SOPH) will serve as a virtual asset for staking, governance, utility for dApps, and transaction fees on the Sophon Chain.
- Upbit will monitor internal liquidity before enabling full trading for Sophon (SOPH), announcing deposit and trading schedules once liquidity conditions are met.
- The Democratic Party of Korea plans to introduce the Crypto Basic Act, aiming to establish a full regulatory framework for digital assets, transitioning from user protection to full-scale industry development.
- South Korea's approach to digital assets is undergoing a strategic shift with the implementation of the Crypto Basic Act, aiming to reduce uncertainty, promote national stablecoins, boost institutional investment opportunities, enhance industry leadership, and improve investor protection.
