Lee Kang-il Raises Concerns Over Digital Asset Outflow

Lee Kang-il pointed out that due to delays in digital asset policies, 63 trillion won has been flowing out of the country. Financial Services Commission Chairman Lee Bok-hyun stated that discussions are underway to establish a basic law for digital assets and regulations related to stablecoins. Lee criticized that while the U.S. and Europe are quickly establishing regulations related to digital assets, South Korea has failed to present a concrete policy direction. He explained that the domestic trading volume of dollar stablecoins has exceeded 6 trillion won, with a cumulative trading volume reaching 80 trillion won by July this year. He also raised concerns about the lack of a regulatory framework for the issuance of won stablecoins. Lee pointed out the delays in the institutionalization of token securities and real asset-linked markets, expressing worry that 63 trillion won has flowed out of the country this year. He raised concerns about market monopolization due to the merger of Naver Financial and Dunamu, demanding answers on seven policy tasks, including the issuance criteria for stablecoins and the restructuring of the exchange licensing system. Although the chairman showed a willingness to push forward with policies, he did not mention a specific timeline for submission.

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