Lee Eok-won, nominee for Financial Services Commission chair "Virtual assets have no intrinsic value"

"It is difficult to view them as performing the essential functions of money"

Lee Eok-won, nominee for Financial Services Commission chair, said of virtual assets, "They have no intrinsic value and have a character different from traditional financial products."

In written answers to the confirmation hearing of the National Assembly's Political Affairs Committee on the 31st, the nominee said, "Because virtual assets have high price volatility, it is difficult to regard them as performing the core functions of money, such as store of value or medium of exchange."

He also took a cautious stance when asked about whether to allow virtual asset investments in pension and retirement accounts. He explained, "Virtual assets are strongly speculative and have large price swings, so there are many concerns about investment in retirement pensions and personal pensions aimed at ensuring stable retirement income."

Regarding discussions on introducing stablecoins, he said, "Since numerous related bills have been submitted to the National Assembly, I will closely consult with the relevant ministries," and "I will consider ways to provide opportunities for innovation while ensuring sufficient safeguards."

However, he did not state a clear position on the issue of introducing a Bitcoin spot ETF (exchange-traded fund), which has recently emerged as a major issue in global financial markets. The nominee said, "Expectations and concerns coexist regarding the effects of introducing a Bitcoin spot ETF," and "We will comprehensively review international regulatory trends and various opinions to prepare the method and schedule of introduction and consult with the National Assembly."