Lee Eok-won "Pushing for a Phase 2 bill including stablecoin regulation… Pursuing financial innovation and stability in parallel"

Lee Eok-won, chairperson of the Financial Services Commission, said he would promptly prepare a Phase 2 digital asset bill focused on stablecoin regulation. At a monthly press briefing held on the 12th at the Seoul Government Complex, he said, 'Stablecoins have innovative functions such as payments and remittances, but if left unregulated they can cause capital outflows or pose a risk to monetary stability,' adding, 'We will design a regime aligned with international standards and establish a financial market safety net.'

He put forward three principles: ▲establishing a regulatory framework that meets international standards ▲pursuing innovation functions alongside financial stability measures ▲building an integrated safety net in which finance, industry, and technology work together. He said, 'Stablecoins should be an opportunity to drive changes in the financial system, not merely a technological experiment,' and added, 'The Financial Services Commission will swiftly complete the Phase 2 bill in consultation with relevant ministries.'

Domestically, plans to introduce a Korean won-based stablecoin are under review, and the related bill is set to be submitted to the National Assembly. However, coordination of supervisory authority among the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service remains a task. In response, Lee said, 'Differences among institutions are being viewed as part of a productive discussion,' and added, 'We will closely consult with the Bank of Korea and other related agencies to establish an integrated regulatory framework.'

On the occasion of his second month in office, Lee also outlined directions for improving the financial structure. He said, 'We will push for the passage in the National Assembly of major budgets such as the Advanced Strategic Industry Fund, the National Growth Fund, and the Fund for Financial Stability for Ordinary Citizens, and will maintain a policy of protecting real buyers in the real estate market.'