With the KOSPI opening the era of 5,000 for the first time ever, the KOSDAQ is also within sight of “Cheon-sdaq” — a KOSDAQ index of 1,000. Digital asset-related stocks such as Hecto Financial, Kakao Pay and Naver surged on strong buying.

On Jan. 23, the Korea Exchange said the KOSPI ended up 0.76 percent, or 37.54 points, at 4,990.07. The KOSDAQ finished up 2.43 percent, or 23.58 points, at 993.93.

On the KOSDAQ, gains were particularly strong in tokenised securities (STO) and virtual asset payment-related stocks. Hecto Financial rose 30 percent to close at its daily limit of 19,500 won, while Kakao Pay, up 29.89 percent, and NHN KCP, up 29.94 percent, also ended at their daily limits.

Elsewhere, fintech and security-related stocks including Coocon, up 26.80 percent, and Finger, up 21.81 percent, posted gains of more than 20 percent. STO-related shares such as Galaxia Moneytree, up 18.32 percent, and Seoul Auction, up 14.72 percent, also rose across the board, raising expectations of reaching “Cheon-sdaq.”

Behind the surge is the ruling party’s strong commitment to fostering digital assets. According to political circles, Min Byung-duk (민병덕), a lawmaker from the Democratic Party, proposed at a Blue House luncheon with President Lee Jae-myung the previous day that “revitalising the digital asset market is essential for the trickle-down effect of the KOSPI 5,000 era to extend to the KOSDAQ.”

Min said, “If the KOSDAQ is to surpass 1,000 points and move in the long term toward the era of 3,000, there are limits to the existing approach.” He stressed, “We must innovate funding channels for small and medium-sized and venture companies through tokenised securities and digital assets.”

This aligns with the “Digital Asset Basic Act” that Min introduced as the lead sponsor, and the market immediately reflected expectations of regulatory easing.

The Democratic Party’s KOSPI 5,000 Special Committee plans to boldly scrap relevant regulations so that KOSDAQ-listed companies can issue tokenised securities based on tangible and intangible assets they hold, or use won-denominated stablecoins as a payment method.

Min also pointed out, “We should open the payment and remittance market monopolised by banks to fintech firms to build a stablecoin ecosystem.” As that remark was reported, buying focused on companies with payment platforms such as Hecto Financial and Kakao Pay.

With the KOSPI reaching the 5,000 era and the deployment of venture capital, including the National Growth Fund, expected to begin in earnest, interest in the KOSDAQ market is also expected to rise in tandem with the government’s policy drive.