[Alpha Biz= Kim Jisun] H Lab Korea, the blockchain arm of Neowiz (095660), one of Korea’s top 10 game companies, has carried out workforce reductions through voluntary resignation requests. The move reflects a strategic shift to scale back domestic operations—hamstrung by Korea’s strict regulatory environment—and redirect resources toward overseas markets.
According to an exclusive report by Seoul Economic Daily on the 23rd, H Lab Korea recently initiated a round of recommended resignations. Most employees, except for several executives, have already left or are preparing to exit the company.
A gaming industry official said, “I understand that around a dozen employees were asked to resign and have since left.”
A Neowiz spokesperson stated, “We cannot disclose the exact number, but given the current domestic blockchain regulatory landscape, we decided to adjust our business scale in Korea.”
H Lab is a blockchain subsidiary 100% owned by Neowiz Partners, the investment arm of Neowiz Holdings. The company is headquartered in Abu Dhabi, with H Lab Korea functioning as its Korean branch. Neowiz Holdings is the holding company of the Neowiz group and the parent company of Neowiz.
Industry insiders point to Korea’s stringent regulatory framework as the primary reason for the layoffs. While many countries are progressively easing restrictions, Korea maintains one of the toughest regulatory barriers for blockchain-related businesses. In particular, major Korean game companies—once eager to adopt the play-to-earn (P2E) model by integrating cryptocurrencies into gameplay—have grown frustrated with indefinite regulatory delays.
As a result, many are shifting focus overseas. Nexon, for example, launched its blockchain game “MapleStory N,” based on the MapleStory IP, in overseas markets first this May, explicitly excluding Korea.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
