Blockchain Heroes"is an in-depth interview series by Sim Jun-sik, CEO of blockchain specialized media Veon Media, with leaders in the digital asset market. It vividly conveys their lives and philosophies, future visions, and explores the path for Busan to grow into an Asian digital asset hub.
A lawyer from Seoul National University's engineering school, who built a solid career at a top domestic law firm, why did he throw everything away and start a digital asset startup in Busan? The story of BIDEX CEO Ryu Hong-yeol directly addresses the eternal dilemma of modern people: 'Stability vs Challenge'.
"It seems to be my original personality" - Innate Challenge DNA
"I get asked a lot why I quit being a lawyer and take such a difficult path. But thinking about it, it seems to be my original personality. I can't stay stable for long and my basic tendency is to challenge something new and create something on my own."
Ryu's spirit of challenge is not a recent development. During high school, his parents wanted him to become a doctor, but he deliberately chose engineering, then completely changed direction to become a lawyer, and then turned again to start a business.
"My parents know my personality, so they don't try to stop me but just worry a lot. In fact, that makes me more determined, makes me feel more responsibility, and becomes a driving force to work harder to somehow achieve results."
Bitcoin on a Magazine Cover in 2011 - The Start of a Fateful Encounter
Ryu's entry into the blockchain world was surprisingly coincidental. During his study abroad in the US in 2011, he contributed a column to an international lawyer association magazine, and Bitcoin was on the cover of that magazine.
"It wasn't my column that was important, but Bitcoin was right there on the magazine cover. I thought 'Oh, something like this exists' and then forgot about it. When I came back from studying abroad, new clients started emerging, particularly in the blockchain sector."
Many were seeking lawyers due to regulatory uncertainty, and Ryu naturally became deeply involved in this field. "I realized there's a new infrastructure area called custody beyond just exchanges, and overseas markets already see this as more promising, which became a decisive turning point."
Strategic Choice of Busan as Headquarters
In a situation where most startups are concentrated in Seoul, Ryu's reason for choosing Busan was clear.
"Initially, I wanted to create a digital asset specialized trust company. I thought it was possible if we could interpret some ambiguous parts of the capital market law, and Busan was designated as a blockchain special zone with regulatory sandbox, so I thought it would be good to challenge through that."
Personally, Busan was also his hometown, which was "conveniently a good point". In fact, BIDEX became the first VASP (Virtual Asset Service Provider) with headquarters in Busan.
Family Support Was Most Crucial in the Startup Decision
"My parents know my personality, so they almost resigned themselves and said 'Do well'. My in-laws were more opposed. The most important thing was my wife giving me courage, saying 'Try it once'... That's how I was able to do it."
Successfully Obtaining Virtual Asset Service Provider (VASP) License - The Secret Was 'Not Sparing Resources on Personnel'
Last year, only 3 new companies obtained VASP certification. Ryu found the key to passing the increasingly difficult review in 'personnel'.
"Our key factor was not sparing resources in recruiting personnel required by VASP and for operating the custody business. Compliance organization, technical organization, security organization... We gathered the best people among domestic custody companies, composed of truly top-tier professionals in the industry."
His communication method with regulatory agencies was also unique. "Usually, many try to communicate through third-party consultants, but we were the opposite. We approached by saying 'I'll explain myself, I want opportunities to meet' and persuaded them."
"80% Corporate Era is Coming" - 2025 Institutional Investment Market Outlook
Ryu is optimistic about the institutional investment market opening with corporate account permission in 2025.
"Overseas markets, like Korea, were retail-centered but now are almost 80% institutional investors and 20% individual investors. I think Korea will change similarly. Currently, it's 100% individual investor market, but if 80% shifts to corporate institutional investors, there will be enormous demand for custody."
Global Strategy and Stablecoin Hub Construction
BIDEX has already established a strategic partnership with Ripple and is working on stablecoin distribution infrastructure.
"When distributing stablecoins, custody is the most critical infrastructure. Stablecoin issuers can't have custody in each country, but will divide into hub regions like Asia-Pacific, Americas, and Europe. We're preparing to function as an important custody company in these key regional hubs."
"Finding Leisure in an Awkward Classical Music Lesson"
Even in his busy daily life, CEO Ryu finds leisure through classical music. Recently, he has been reading the book 'Awkward Classical Music Lesson'.
"It's a book written by a composition professor from Seoul National University's College of Music, which tells the life story of a composer and easily explains the compositions and their meanings in between."
"Actually, I loved comic books since I was young," he says with a smile, revealing his enduring innocence.
Motto: 疑行無名 疑事無功 (Doubt in Action Brings No Fame, Doubt in Matters Brings No Merit)
CEO Ryu's motto is an idiom from Sima Qian's 'Records of the Grand Historian'.
疑行無名 疑事無功
If you act with doubt, you cannot gain fame, and if you pursue matters with doubt, you cannot achieve merit
"In simple terms, when doing something, don't always doubt and worry, but push forward resolutely. It means you need belief and confidence in yourself. This is especially poignant on the uncertain path of entrepreneurship."
Practical Advice to Juniors
To young people struggling between a stable career and the uncertain path of entrepreneurship, CEO Ryu offers practical advice.
"After starting a business, I found that what I learned and knew from working in a company was incredibly helpful. I think it's better for young people to gain experience in a relatively large company before starting a business, as it can be a foundation for various endeavors when they eventually start their own."
"After starting a business, I found that what I learned and knew from working in a company was incredibly helpful. I think it's better for young people to gain experience in a relatively large company before starting a business, as it can be a foundation for various endeavors when they eventually start their own."
However, no matter how much experience one has, entrepreneurship is a different world. "Even someone who worked in a company for almost 20 years can be surprised and distressed by unexpected challenges, so it would be even more difficult for those without such experience."
"If someone has a dream of entrepreneurship, it would be appropriate to learn from those who have actually started businesses, indirectly experiencing their insights to reduce the probability of failure."
"Vision as a Digital Asset Specialized Financial Institution"
Finally, CEO Ryu clearly presented the vision of BDAX.
"BDAX is a company that started with the vision of developing into a digital asset specialized financial institution. As regulations are changing and essentially becoming similar to financial institution regulations, we will execute the vision we initially had."
Ryu Hong-yeol, who built an impressive profile from Seoul National University's Engineering College to a top law firm, chose to pursue new innovation by stepping away from a stable path. Like his motto "if you move with doubt, you cannot gain merit," his challenge with conviction and determination draws attention to what changes he might bring to Korea's digital asset ecosystem.
