With the Appointment of a 'Virtual Asset Expert' Policy Chief... Expectations Surge for KRW Stablecoin

Less than a week has passed since the inauguration of the Lee Jae-myung administration, but expectations for the launch of a KRW stablecoin (a virtual asset linked to the value of fiat currency) are already growing in the market. This is due to President Lee appointing Kim Yong-beom, CEO of Hashed Open Research, as policy chief at the presidential office.

According to industry sources on the 9th, policies related to virtual assets (cryptocurrencies) under the Lee Jae-myung administration are expected to shift focus from regulation-centered approaches to industrial promotion. The Digital Assets Committee, which is being newly established under direct presidential control, is also seen as part of this direction.

Kim Yong-beom's role as policy chief in shaping virtual asset-related policy is also highly anticipated. Kim is a former economic official who previously served as Senior Economist at the World Bank, Vice Chairman of the Financial Services Commission, and 1st Vice Minister at the Ministry of Economy and Finance, and most recently was CEO of Hashed Open Research, a research firm specializing in virtual assets.

Particularly from this perspective, the industry believes that the possibility of issuing a KRW stablecoin, a key pledge made by President Lee, is becoming more likely. During his candidacy, President Lee's Democratic Party Election Campaign Committee's Digital Assets Committee announced plans to propose the Digital Asset Basic Act, which includes the issuance of a KRW stablecoin.

Additionally, Hashed Open Research, where Kim Yong-beom served as CEO, has also expressed similar views, adding momentum to the possible implementation of the policy.

At a seminar held by Hashed on the 28th of last month, Kim stated, "Now is not the time to discuss whether KRW stablecoins should be allowed, but rather how they should be designed," emphasizing, "The global market is already restructuring around stablecoins. Korea must also design its own framework to protect monetary sovereignty."

He further explained, "A KRW stablecoin is not just a simple payment method but can also serve as a digital identity tool and a means for policy implementation," adding, "Since Korea leads the world in digital adoption, content competitiveness, and integrated payment platforms, proper design could secure leadership in this field."

Meanwhile, this growing optimism was also evident in the stock market today. As of 12:03 PM, Kakao Pay (+29.92%), InscoBi (+11.35%), and most other stocks related to stablecoins were showing strong performance.