[Planning] The forecast of the cryptocurrency market in 2022 from 26 industry experts ①

1. Oh Jeong-geun

– President of Korea Financial ICT Convergence Association (FICA)
– Director, Free Market Research Institute
– Representative of Korea Normalization Forum
– YouTube Economic Broadcasting
CEO of “Oh Jeong-geun’s Sokssok Economy”
– Former Professor of Economics, Korea University
– Visiting Research Fellow, Korea Economic Research Institute
– Special Professor, Department of Financial IT, Konkuk University

Bitcoin opened a new cage for cryptocurrency or digital currency in 2009, followed by the launch of Ethereum in 2015, enabling smart contracts and the emergence of numerous DApps. Digital finance, a financial transaction using digital currency opened a new chapter in Now, Decentralized Finance (DeFi), which started booming from the second half of 2020, Non-Fungible Token (NFT), which started to boom from 2021, and also booming from 2021 Metaverse is opening a new horizon in digital finance. In addition, if the CBDC era opens with the commercialization of the Chinese digital yuan in February 2022, 2022 is expected to be an important year in which a new horizon, a big bang in digital money finance, will open.

It is expected to be an important turning point in the transition from the conventional analog money finance era to the digital money finance era. Perhaps, the conventional analog-centered money finance theory, which has occupied the university’s monetary finance theory for a long time, is changed to digital money finance theory, or at least the situation that needs to be supplemented is already coming.

It seems that a new legislative move is taking place in the Korean financial authorities and the National Assembly, which are particularly stubborn about digital currency finance. In traditional monetary finance, Korea has not always been the center of the world and has remained on the margins. However, in the digital currency finance that is now starting to bloom, I think Korea should develop to a level where it stands tall as the center of the world.

2. Jung Soo-ho

– Representative Attorney at Renaissance Law Firm
– (Former) Sejong Securities Dispute Financial Group
– (Current) Legal Director, Korea Youth Bar Association
– (Present) Member of Legislative Committee of Seoul Bar Association
– (Current) Attorney specializing in finance and IT fields of the Korean Bar Association

In 2022, it is expected that the market situation led by companies that have successfully incorporated into the system according to the FATF guidance and the special law that reflects it will intensify. However, the number of virtual assets used in real life for various purposes such as proof of ownership, expression of individuality, and enjoyment of values ​​in the digital world will gradually increase, not just as objects of simple investment or speculation. Riding the metaverse craze, the number of NFT issuance and trading platforms increases, but it is expected to stabilize throughout the year as the financial authorities announce a policy to apply regulations.

3. Kim Hyung-joong

– Distinguished Professor, Graduate School of Information Security, Korea University
– President, Korea Information and Communication Equipment Association
– President of Korea Fintech Society
– Chairman of Smart Media Association
– Director of the Korea University Cryptocurrency Research Center

Ahead of the 20th presidential election, candidates are expected to come out with the revitalization of the virtual asset industry as an election promise. Therefore, some promotion of the virtual asset industry is expected in 2022, but it is unclear how much effect it will have after the presidential election. The strength of the effect depends on how strong and desperate the industry is before the election. The voices of the industry before the virtual asset business were reported were too small to the point of disappointment. After the election, the Financial Supervisory Service may be put aside and a new organization such as the Virtual Asset Management Supervisory Service may be created. The ruling party came out with the Virtual Asset Management Supervisory Service, but the opposition has yet to make any promises. Anyway, having another supervisor is a nightmare. Now is the time to establish a promotion agency to balance supervision and promotion. 2022 will be the year that determines whether Korea will be the starting point for securing digital Wall Street’s position in the virtual asset industry or whether it will fall into a developing country due to unripe regulations.

4. Joo Ki-young

– Cryptoquant CEO/CEO
– Bachelor of Industrial Management Engineering, Pohang University of Science and Technology
– Selected as one of the Top 100 Influential Blockchain People by CoinTelegraph

In 2022, it is expected that the advantages of blockchain as borderless remittance will be somewhat diluted as regulations in each country are further strengthened. Well-regulated regulations can pave the way for institutional investors to enter the cryptocurrency industry in the long term, but in the short term, it can worsen the sentiment of retail investors.

The government is in the position of KYC (Know Your Customer; identity verification) of all blockchain wallets to prevent money laundering, and it is difficult to introduce the KYC function because most existing blockchain applications do not have a centralized management entity. As the possibility of using various blockchains such as DeFi, NFT, and DAO decreases, there is a risk that investment sentiment will deteriorate in the short term. Of course, it is a transitional pain in the process of introducing regulations, and in the long term, it will become a cornerstone for institutional investors to enter.

5. Ahn Yu-Hwa

– Currently Professor of Finance, Sungkyunkwan University, Graduate School of China
– Current US CO2Network Chief Strategy Officer (CSO)
– Audited by Nexteye, a currently listed company
– Current Director, China Securities Administration Research Institute
– Current UN HABITAT Planning Advisory Board
– Current Korean Foreign Ministry Policy Advisory Committee for Overseas Koreans

2022 will be an important turning point for the practical expansion of blockchain technology and cryptocurrency industry applications. The biggest driving force is the development of the metaverse industry. In particular, in areas such as carbon credits, a full-fledged CBDC era will open as synergies are created that connect all these convergences into one.

6. Park Soo-yong

– Professor, Department of Computer Engineering, Sogang University
– President of Korea Blockchain Society
– Director of Blockchain Research Center (ITRC)
– 2nd President of Information and Communication Industry Promotion Agency
– Expert member of the National Science and Technology Committee

In 2022, it is expected that solutions to issues in the field of blockchain technology will come out. It is expected that this will be the first year in which measures for scalability problems and excessive energy consumption are developed and applied. As a business model, the explosive application of NFT is expected to expand, and a more substantial economic ecosystem will be built within the metaverse. NFT is expected to expand beyond the existing works of art or collectible assets to fields beyond imagination. In terms of regulation, it is expected and hoped that the government’s stance will naturally change towards the promotion of the virtual asset industry during the presidential election, and that, in conjunction with the US ETF approval, the path for institutional investment in virtual assets will be opened in Korea as well.

7. Kim Seok-won

– Hankuk University of Foreign Studies, Department of International Trade
– HSBC Bank Securities Department & Export-Import Department
– Advised on issuance of domestic and foreign virtual assets/token economy design/white paper authors 50+ or ​​more
– TaTaTu BD&RM (3rd in all-time ICO fundraising amount)
– People’s Power Oh Se-hoon, Seoul Mayor Candidate Virtual Currency Advisory Head
– Secretary General of Korea Blockchain Association

2021 is the year in which Korea’s first bill related to virtual assets, the Special Provisions Act, was introduced, and market participants, as well as regulators, who adapt to the changes suffered ups and downs. The time is approaching for a promotion law that focuses on tolerance and consumer protection for the establishment of a stable institutional framework for new industries and securing global competitiveness. It is expected that the virtual asset payment industry will expand, the use of NFTs will increase, and virtual asset products such as ETFs and DeFi will be diversified.

8. Jangmin

– Adjunct Professor at POSTECH Industry-University Cooperation Foundation
– Bilibit CEO
– POSTECH Blockchain CEO Course Steering Committee
– Chairman, POSTECH APGC Blockchain Society

2022 will be the beginning of a new era of virtual assets. In particular, with the start of the Special Act in 2021, virtual asset business operators will receive official licenses, which will lead to a full-fledged household economy era. In particular, in line with the growth of the metaverse platform, household assets including NFT are expected to continue to grow more stably.

9. Kim Seung-joo

– Professor, Graduate School of Information Security, Korea University
– Dean, Department of Cyber ​​Defense, Korea University
– Member of the Presidential Committee on the Fourth Industrial Revolution
– Visiting professor at the Military Academy
– Korea Internet & Security Agency (KISA) team leader

In 2021, more killer apps such as DeFi and Non-Fungible Token (NFT) appeared than ever before. In 2022, various attempts using blockchain technology are expected to continue. However, the appearance of these killer apps will inevitably attract many users, which will soon cause a lot of controversies about the speed improvement of the block chain, gas (fee) cost, and UI/UX issues. In addition, it seems that the bubble controversy over the price will continue. However, if we do not forget the fundamental philosophy of blockchain: “Pursuit of public interest through my little sacrifice and collective intelligence,” I think we will overcome this as well.

10. Junseon Eo

– Coinplug CEO

It is expected that the new metaverse virtual economy will be activated by convergence with the metaverse ecosystem such as blockchain-based virtual assets, NFT, DeFi and games, and AR/VR. Just as Web 2.0 service companies grew into big tech companies with the beginning of the Internet, Web 3.0 companies that lead the metaverse virtual economy grow into Decacon, which will revitalize the blockchain-based industry.

11. Choi Hwa-in

– Blockchain Evangelist
– Financial Supervisory Service Blockchain Development Forum Advisory Board
– Camco CS Audit
– Outside Director Yanolja Co., Ltd.

Next year will be the starting point for the competition between the platform currency (stable coin) and digital fiat (CBDC). In digital fiat, the currency space is limited to the territory of the issuing country, but since the platform currency can be circulated in a relatively wider space, the rapid movement of assets to the platform currency market avoiding the increasingly severe government regulations and taxation This will be in full swing.

Also, in the field of blockchain technology, as the NFT market and De-Fi service, which have been focused on the Ethereum blockchain, are activated on the faster and cheaper mainnet, it will be a year in which the mainnet project with the original technology gets attention once again.

12. Hyungnam Moon

– Professor, Graduate School of Business, Sookmyung Women’s University
– CEO of Web Development Research Center
– President of the Korean Business Association
– Co-President, Sustainable Science Society
– Co-CEO of the 4th Industrial Revolution Practice Federation

2021 can be said to be the first year of the metaverse, and it is expected that the metaverse will become more active in 2022. NFT is a very important element in Metaverse, and NFT is based on blockchain technology.
In 2022, along with the spread of the metaverse, many NFTs are created and transactions are expected to become active. The commercialization of blockchain technology will be actively promoted through NFT, which is expected to have a positive impact on cryptocurrency. In general, there are many negative views about blockchain technology while looking at it positively, but as the metaverse and NFT are widely spread, it is expected that the negative views will improve and efforts to cover the gemstones in cryptocurrency will become active. do.

13. Park Se-yeol

– Managing Director, VMware (Digital Strategy Consulting)
– Adjunct Professor of Cyber ​​Security Engineering, Ewha Womans University
– Adjunct Professor of Software Application at Hanyang Cyber ​​University
– Financial Research and Training Institute, Gyeongsangnam-do Blockchain Advisory Board

Global banks such as Santander and Deutsche Bank have issued bonds as STOs (Security Tokens), and the US and Japan are laying the foundation for industrial development by incorporating STOs into the institutional system. In Korea, it will be a year in which uncertainty is resolved through the incorporation of virtual assets into the institutional system, an ecosystem for effective financing of new companies and investor protection is created, and the block chain is solidified as a means of crowdfunding.

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