Financial Services Commission Candidate Lee Eogwon: "Virtual Assets Have No Intrinsic Value" [CryptoBriefing]

[Financial News] Candidate for Financial Services Commission Lee Eogwon (photo) stated on the 31st regarding virtual assets, "They have different characteristics from traditional financial products like deposits and securities in that they have no intrinsic value."
According to the industry on this day, Candidate Lee responded in a written answer submitted to the National Assembly's Political Affairs Committee for his confirmation hearing, "Due to the high price volatility of virtual assets, it is difficult to see them as performing the essential functions of money, such as a means of value storage and exchange."
In response to a question about whether to allow investment in virtual assets in pension and retirement accounts like the U.S. government, he said, "There are many concerns about investing in retirement and personal pensions for stable income security in old age due to the high price volatility and speculative nature of virtual assets."
Regarding the introduction of ETFs based on major virtual assets like Bitcoin, he said, "We will prepare the introduction method and schedule by comprehensively considering global regulatory trends and various opinions and consult with the National Assembly."
About the introduction of stablecoins, he said, "Since several stablecoin bills have been submitted to the National Assembly, we will closely coordinate with relevant departments to provide 'innovation opportunities' while preparing sufficient safeguards." He added regarding the legislation of the Basic Virtual Asset Act (Phase 2), "Since Phase 1 of the Virtual Asset Act focuses on user protection, an integrated bill encompassing businesses, markets, and users is needed."
Meanwhile, regarding private equity fund (PEF) regulations, he expressed his intention for system improvement, saying, "Some behaviors of PEFs revealed in recent issues do not meet the expectations of the market and the public."
Regarding the MBK Partners and Homeplus incident, he said, "There is a need to promote the sound development of the PEF market by improving the corporate governance behavior of PEFs aimed at excessive short-term profits," and "We will seek ways to improve the system to review the merits and demerits of private equity funds and restore market trust."


elikim@fnnews.com Kim Mihee Reporter