Annyeonghaseyo (안녕하세요), crypto fam! Ready for round two?

If you missed Part 1, check it out for the lowdown on why Korea is such a big deal in the crypto world and some of the unique challenges you’ll face.

Now, let’s get into the nitty-gritty of how you can make waves in this market.

Grab your chopsticks because we’re serving some piping hot strategies to help you cut through the complex regulatory scene, build a dream team that’d make BTS jealous, and forge stronger partnerships.

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Want to Play by the Rules?

First, let’s talk about the elephant in the room—regulations. Korea is pretty strict with crypto, but don’t let that scare you off. Here’s what you need to know:

The Virtual Asset User Protection Act

This is the big one, folks. Implemented recently, it aims to:

1. Protect user assets (because nobody likes a digital pickpocket)

2. Ensure trading is fair (no funny business, folks)

3. Monitor service providers (trust, but verify)

This act applies to you even if you’re chillin’ on a beach halfway across the world as long as your virtual assets impact the Korean market. It’s the long arm of the Korean crypto law.

The definition of “impact on the Korean market” is still fuzzy. But generally, if you’re targeting Korean users or your actions have a substantial, direct, and foreseeable effect in Korea, you’re in scope.

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NFTs and Tokens

Think your NFTs are in the clear? Think again. The Financial Services Commission (FSC) has guidelines on when NFTs might be considered virtual assets. It’s not about the tech (like being an ERC-721) but how they’re used.

As for tokens, the FSC has guidelines on what makes any crypto a security. They consider whether it’s a debt security, equity security, investment contract, etc.

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DeFi in the Grey Zone

The law doesn’t explicitly cover DeFi platforms, and that’s where things get a bit murky. DeFi’s decentralized nature makes it hard to pinpoint who’s responsible for what. This space will likely evolve as more cases come up, and regulators get their heads around it.

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Building Your Korean Dream Team

With the legal stuff covered, let’s talk about building your team. You can’t just parachute into Korea with your existing crew and expect to conquer the market. You need local talent who gets it.

Here’s how to assemble a team that’s more harmonious than a K-pop band:

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Hire Local, Think Global

When building your Korean team, look for people fluent in Korean who understand the nuances of the local crypto scene.

Seriously talented blockchain devs and crypto enthusiasts are graduating from Korean universities. Tap this talent by connecting with university blockchain clubs or attending local hackathons.

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Cultural Fit is Key

Korean work culture can be quite different from what you’re used to. Hierarchy and building relationships are essential. Don’t just hire for skills—hire for cultural fit too. Look for team members who can bridge the gap between your global culture and local expectations. Think of them as your cultural translators.

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Leverage the Gig Economy

Are you not ready for full-time hires? Korea’s growing gig economy means you can find talented freelancers for everything from translation to community management.

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Community Building: Korean Style

We touched on this in Part 1, but let’s go deeper. Community building in Korea is an art form, and you need not be a Picasso to make it work.

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Platform Peculiarities

Forget Telegram and Discord for a sec. Remember how we said Koreans prefer local platforms? Here’s how to make the most of them:

• **Naver Blog:** Think of this as Korea’s Medium. Long-form content is king here. Share detailed analyses, project updates, and educational content. It’s great for SEO, too.

• KakaoTalk: This messaging app is ubiquitous in Korea. Create an official channel for quick updates, customer service, and community engagement.

• DCInside: It’s like Reddit but with a Korean twist. There are specific “galleries” (forums) for crypto. It’s a great place to get a pulse on what retail investors think.

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Offline is the New Online

Koreans love face-to-face interactions. Once you’ve built an online presence, take it offline:

• Host regular meetups in Seoul’s crypto hubs like Gangnam or Hongdae.

• Participate in major conferences like Korea Blockchain Week or ETH Seoul.

• Organize educational workshops – Koreans value learning and self-improvement.

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Partnerships: Your Golden Ticket

In Korea, who you know can be as important as what you know, and strategic partnerships are a shortcut to success.

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Team Up With Local Projects

Look for synergies with established Korean crypto projects. Can you integrate with their platform? Offer complementary services? These collaborations can give you instant credibility and access to a broader user base.

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Cozy Up to the Korean Exchanges

Remember those big exchanges we talked about in Part 1? Getting listed on Upbit or Bithumb can help. But don’t just aim for a listing—work with them on joint marketing campaigns or special trading events.

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Tap into the Korean Tech Giants

Companies like Kakao and Naver have their fingers in the crypto pie. You’re golden if you partner with their blockchain subsidiaries (like Klaytn for Kakao). It’s like getting a seal of approval from the Korean tech gods.

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Marketing: Speak Korean, Think Korean

Last but not least, let’s talk marketing. You can’t just translate your English marketing materials and call it a day. You need to speak to Korean crypto enthusiasts in their language—both literally and figuratively.

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Localize, Don't Just Translate

When localizing your content:

• Use Korean idioms and pop culture references

• Adapt your visuals to appeal to Korean aesthetic preferences

• Address local concerns and pain points in your messaging

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Leverage Korean Influencers

Korean crypto influencers can be your secret weapon. They’ve got the community’s trust and can explain your project in a way that resonates with local users. But choose wisely—look for influencers who align with your project’s values and have a genuine following.

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Be Active in Local Media

Get featured in Korean crypto media outlets like Decenter or TokenPost. These platforms are where many Koreans get their crypto news. Regular appearances can establish you as a thought leader in the local market.

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Ready to Take the Leap?

Whew! That was a lot to take in, right? Entering the Korean crypto market is no mean feat, but the potential rewards are huge once you truly understand and embrace the Korean crypto culture.

If you’re feeling a bit overwhelmed, don’t sweat it. Myosin can help. We have the local knowledge, connections, and expertise to help your team succeed in Korea’s complex but exciting crypto world.

Hit us up, and let’s create a strategy to have Korea’s crypto community buzzing about your project. From regulatory compliance to community building, we’ve got you covered.

Thanks for reading this far, and also be sure to click HERE for the full report in Docsend!

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