FSC Chairman: "Will Manage Tasks Well Until Election... Market Stability Is Key"

On Presidential Campaign Pledges for Virtual Assets:
"Same Direction, Different Speed... Coordination to Follow Under the Next Administration"

Byunghwan Kim, Chairman of the Financial Services Commission, stated on May 7, "During the remaining period of May before the presidential election, I will ensure that all necessary financial policy tasks are managed properly," adding, "The most important thing is market stability." Regarding recently announced presidential campaign pledges such as the introduction of spot cryptocurrency exchange-traded funds (ETFs), he mentioned that these would be coordinated after the new administration takes office.

Embargo until May 7, 14:00
Byunghwan Kim, Chairman of the Financial Services Commission, is speaking at the regular meeting with the Financial Services Commission press corps held at the Government Seoul Office in Jongno-gu, Seoul, on May 7, 2025. Photo by Yongjun Cho

At a regular press briefing with the press corps held at the Government Seoul Office on the morning of May 7, Chairman Kim said, "May has begun, and there have been various changes, including the resignation of Choi Sangmok, the former Deputy Prime Minister and Minister of Economy and Finance."

He identified market stability as the most important issue at this point, stating, "The second is execution," and emphasized, "We will proceed with ongoing tasks as planned, without any wavering." He also mentioned that, starting this month, the execution of funds related to the supplementary budget, corporate financial support, and the expansion of financial services for low-income individuals would proceed without any setbacks.

Chairman Kim assessed the recent presidential campaign pledges, such as the introduction of spot cryptocurrency ETFs, by saying, "In terms of content, they are almost in the same direction as the Financial Services Commission." However, he added, "There seem to be some differences in speed," and said, "Naturally, once the next administration takes office, there will be a process of coordinating our (the Financial Services Commission's) views with the implementation of these pledges."

He also acknowledged that the Bank of Korea, as the monetary authority, has raised concerns regarding stablecoins, and stated, "How we coordinate and consult on the institutionalization process will be determined during discussions after June."

Regarding calls from the banking sector and others to abolish the so-called 'one exchange, one bank principle' (which requires that only one bank be linked to each cryptocurrency exchange account), Chairman Kim pointed out, "There are concerns about monopolies by some virtual asset service providers, so we need to examine that aspect." He further explained, "The purpose of the regulation is to reduce money laundering risks, so we need to look more closely at whether banks or virtual asset service providers have established systems to prevent and monitor these risks before making a decision."

Concerning the renewed push for amendments to the Commercial Act, he commented, "Whether it is the Capital Markets Act or the Commercial Act, it does not seem that there is any substantial movement for discussion in the National Assembly at this time," adding, "In any case, this issue will be discussed in earnest after June."

Additionally, Chairman Kim said he learned from media reports that the prosecution had recently transferred the Sambu Construction stock price manipulation case back to the Financial Supervisory Service for investigation and supervision. He stated, "I believe actions will be taken depending on what the prosecution deems most appropriate." He added, "I have not seen the investigation results in detail, but since there are overlapping periods with the time when the stock price manipulation occurred, I think the prosecution will likely consider all those aspects before making a final decision on the investigation."