A New Era for Cryptocurrency Policy in Korea: Appointments and Initiatives Under President Lee Jae-myung

Korea’s new President, Lee Jae-myung, has embarked on a transformative journey for the nation’s economic landscape by appointing Kim Yong-beom, the CEO of Hashed Research, as the Chief Policy Officer of the Presidential Office. This strategic appointment is indicative of the administration’s intent to elevate and enhance the cryptocurrency ecosystem in South Korea.

Before leading the innovative think tank at Hashed Research, Kim Yong-beom served as the Vice Minister of Economy and Finance during the Moon Jae-in administration. His rich experience in economic policy and finance positions him uniquely to influence the direction of cryptocurrency regulations and promote a favorable environment for digital assets in Korea.

In a previous interview with CoinDesk, Simon Kim, CEO of Hashed, expressed optimism regarding the Lee administration’s stance on cryptocurrency, characterizing it as a crypto-friendly regime. He noted that local regulators are keenly observing the developments in crypto policy from the U.S, seeking not just to monitor but to emulate successful frameworks that could bolster the domestic market.

Looking ahead, one of Kim Yong-beom’s pivotal initiatives may involve the creation of a Won-based stablecoin. This initiative, highlighted by President Lee as a priority, aims to curb the potential outflow of national wealth and ensure that South Korea retains its economic strength amid the global cryptocurrency surge.

This new leadership and the upcoming policy initiatives signal a significant pivot for South Korea, positioning it as a potential leader in the global cryptocurrency space. As the administration rolls out its plans, industry stakeholders and crypto enthusiasts alike will be watching closely to see how these developments unfold and reshape the financial landscape.

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