Lee Eok-won "To submit measures for the institutionalization of stablecoins to the National Assembly within the year"

Lee Eok-won, Chairman of the Financial Services Commission, said he would submit measures to institutionalize stablecoins (virtual assets whose value is linked to legal tender) to the National Assembly within this year.

On the 20th, during the National Assembly's Legislation and Judiciary Committee's audit, Lee responded to Democratic Party of Korea lawmaker Yoo Dong-soo's question, 'Do you plan to submit a bill related to stablecoins this year?' by saying, 'We are in the final coordination stage with the relevant ministries and aim to submit it within the year.'

In response to Rep. Yoo's remark that 'specific measures from the Financial Services Commission are needed to secure the competitiveness of won-denominated stablecoins,' he said, 'We are discussing with experts so that stablecoins can be used not only in virtual asset trading but also in payments and K-content, etc.,' and added, 'We will proceed with a sense of urgency.'

To the question, 'Do you agree that a consortium in which banks participate would be desirable?' Financial Services Commission Vice Chairman Kwon Dae-young replied, 'I agree.'