As President Lee Jae-myung appointed Kim Yong-beom, CEO of Hashed Open Research, as the new policy chief of the presidential office, expectations are rising that discussions on introducing a privately-led won stablecoin will gain momentum.
The newly appointed policy chief, Kim, is an economic policy expert who has served as the first vice minister of the Ministry of Strategy and Finance, secretary-general of the Financial Services Commission, and a senior economist at the World Bank. After retiring from public service, he has led Hashed Open Research, a think tank under the blockchain investment firm Hashed, conducting in-depth research and policy proposals on digital assets.
In particular, Hashed Open Research argued for the "introduction of a stablecoin led by the private sector, not by the government or banks" through a report on the "Necessity of Won Stablecoin and Legislative Proposal" in March. Kim has also consistently emphasized the need for a won stablecoin through social media and various seminars, stating that "stablecoin is no longer an innovation in financial services, but a task of rewriting the monetary structure itself."
At a seminar hosted by Hashed Open Research on the 28th of last month, Kim stressed that "we must promptly introduce an institutionalized won stablecoin" and that "we can protect our monetary sovereignty by directly designing its structure." He also warned that "the digital currency order is already moving, and if we do not design it now, we may end up re-importing the digital won from overseas."
Currently, major global countries are accelerating the legislation of stablecoins. The United States has strengthened issuance reserve standards through the 'Genius Act', Japan has allowed issuance centered on banks, and Hong Kong is permitting issuance experiments through a regulatory sandbox. In contrast, Korea still lacks a clear institutional framework.
With a digital asset expert placed at the forefront of policy, President Lee Jae-myung's digital finance campaign promises are expected to gain momentum. During the presidential election, he pledged to make Korea a 'digital asset hub country', promising to expand token securities (STO) and introduce virtual asset ETFs.
An industry official said, "With Kim Yong-beom's joining, who has a high understanding of the virtual asset industry, expectations are growing that overall digital asset policies, including stablecoins, will become more visible."
