Lee Jun-seok Says Crypto Rules Must Be Compatible With Global Markets at EastPoint: Seoul 2026

South Korea Strong at Commercializing New Technologies

"South Korea's strength lies not in inventing new technologies first, but in quickly commercializing technologies developed elsewhere and generating profits from them. Crypto regulation should also be internationally compatible so foreign investors and companies can easily understand it."

Lee Jun-seok, a lawmaker from the Reform Party, made the remarks on September 28 at EastPoint: Seoul 2026, held at the Westin Seoul Parnas in Samseong-dong, Seoul. He said that while it may be difficult to unify crypto regulations across countries, common standards are still needed so companies can compare and anticipate regulatory systems in different jurisdictions.

A panel discussion at the event was held under the theme, "One Market, Many Rules: Finding Common Ground in a Borderless Market." Participants included Lee; Caroline Pham, chief executive officer of MoonPay Institutional; David Katz, Circle's vice president for strategy and policy for Asia Pacific; Yuval Rooz, chief executive officer of Canton Network; and Kirk Cullimore, Republican majority leader in the Utah State Senate.

Lee said South Korea has the technological capability and market demand to quickly commercialize blockchain-based services, including stablecoins. He added that the country is strong at adopting new technologies and turning them into real-world services. Regulatory standards should be made clearer so global companies and investors can easily understand South Korea's rules and compare them with those of other markets.

He also said regulations focused only on the domestic market could hinder the entry of foreign capital and companies. Even if countries maintain policy sovereignty, basic regulatory frameworks such as crypto-asset classification and requirements for service providers should still connect with international markets, he said.

Cullimore said local governments, because they are closer to businesses than central governments, may be better placed to provide testing grounds for new technologies. With technological development moving faster than legislation and regulatory updates, new business models should first be tested through regulatory exemptions and similar measures.

"Companies can access state and local governments more easily than the federal government," Cullimore said. "Regulatory sandboxes and temporary regulatory relief can be used to test new technologies safely." He added that if several states adopt similar systems and deliver results, that could also influence federal policy.

Cullimore also said blockchain's use should not be limited to crypto-asset trading. It can also be applied in administrative areas overseen by state governments, including real estate transactions and vehicle title management. At the same time, he said entities with control authority should also bear the corresponding responsibility, stressing the importance of clear accountability.

Pham said policymakers should be cautious about creating separate regulations whenever a new technology emerges. Regulation should be based not on the form of the technology but on the function and risks of the financial product.

"A token is just a technological format for holding a financial product," Pham said. "Tokenizing a security does not make it something other than a security." She added that the same activity carries the same risks, and the same risks should be subject to the same rules. A technology-neutral, principles-based regulatory framework is needed.

Katz said market trust must be established before linking financial networks across borders. Interoperability matters, he said, but the more fundamental condition is that users believe markets operate fairly and that they are protected.

Rooz said a single global regulatory framework would be difficult to establish in the short term because countries have different rules on currencies and privacy. "We can't wait until every country has the same regulations," he said. "We need to build a structure that allows blockchains and financial networks operating under different rules to connect safely."

Kim Soo-hyun / Hwang Doo-hyun, Bloomingbit reporter