Digital Finance Sector Urges Lee Administration to Introduce Stablecoin Licensing System

Digital Finance Institute Roundtable: "Expectations for the New Administration"
Calls for Comprehensive Policy on Electronic Finance and Digital Assets

The digital finance sector has recommended that the Lee Jaemyung administration swiftly introduce a stablecoin licensing system at a policy roundtable hosted by the Digital Economy Finance Institute under the Korea Fintech Industry Association.

Participants are conversing at the Fintech and Blockchain Policy Roundtable hosted by the Digital Economy Finance Institute (DEFI) under the Korea Fintech Industry Association on the 12th. Photo by Pinsanhyup

The Korea Fintech Industry Association announced that its Digital Economy Finance Institute held a roundtable on fintech (finance + technology) and blockchain policy, outlining expectations for the new administration, on the 12th.

Jeon Jaesik, Head of Business at Finnq, argued at the event, "A small license system should be introduced to prevent monopolies in the stablecoin market and to promote financial innovation."

Seo Byungyun, Chief Strategy Officer (CSO) of DSRV, also recommended that a stablecoin licensing system be introduced domestically.

CSO Seo cited international examples such as Singapore and Hong Kong. He added, "The government must take an active role in fostering the digital asset ecosystem," and stated, "It should encourage the participation of innovative small and venture businesses to enhance the competitiveness of new industries and create a 'catfish effect' in the market."

Participants urged the government to adopt a 'negative regulation' approach (allowing everything except explicitly prohibited activities) to accelerate industry development. They also proposed establishing a digital finance policy framework that encompasses both electronic finance and digital assets.

Jung Gutae, CEO of Infiniteblock, said, "The government should shift to a negative regulation system," and added, "Innovative regulatory approaches such as regulatory sandboxes or small licenses should also be applied to the blockchain industry."

Kim Younghwan, CEO of Paymint, stated, "With the legislative institutionalization of digital assets, it is necessary to establish clear and balanced digital finance policies that cover both electronic finance and digital assets," emphasizing, "It is important to strike a balance between consumer protection and the development of the industry."

Jung Yooshin, Director of the Digital Economy Finance Institute, stressed, "To innovate the finance and fintech industries, we must actively adopt new technologies and ensure a high degree of market openness." He added, "The new administration and the industry should communicate proactively to rapidly build infrastructure so that the (digital) finance market can achieve global alignment and competitiveness."