South Korea is taking a cautious but important step toward opening its crypto market. Bank of Korea Governor Lee Chang-yong said authorities now allow residents to invest in virtual assets issued overseas. He shared this update while speaking at the Asian Financial Forum in Hong Kong.
据香港电台报道，韩国央行行长李昌镛在香港出席亚洲金融论坛时表示，鉴于市场压力，当局已允许韩国居民投资海外发行的虚拟资产；同时，金融监管部门正考虑设立新的注册制度，以容许韩国国内机构发行虚拟资产。李昌镛称，韩元计价稳定币预计主要用于跨境交易，代币化存款则更可能用于国内支付，但强调稳…
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At the same time, regulators are studying a new registration system. That could let domestic institutions issue their own virtual assets. The move reflects rising market pressure and growing demand for regulated digital finance. Even as officials remain careful about financial stability.
Korea Opens Door to Overseas Crypto Assets
Lee said the government decided to ease restrictions because of strong market pressure. As a result, South Koreans can now invest in crypto assets that are issued outside the country. This marks a shift from earlier strict controls.
But Korea is not fully opening the door without rules. Financial regulators are preparing a framework that would allow local institutions to issue virtual assets under supervision. This would require registration and strong oversight. The goal is to guide innovation into a regulated path instead of pushing it into unregulated spaces.
Lee made clear that this approach tries to balance two goals. First, it allows citizens access to global digital assets. Second, it keeps local issuance under control through licensing and monitoring.
Stablecoins and Tokenized Deposits Have Different Roles
The central bank also shared its view on how digital money should work in Korea. Lee said won denominated stablecoins will likely focus on cross border transactions. These could help companies move money faster and cheaper across borders. For domestic payments, tokenized bank deposits may play a bigger role.
South Korea already has one of the world’s most advanced payment systems. Because of that, Lee said retail central bank digital currencies don’t offer many clear benefits for daily use. Instead, the central bank is running pilot projects for tokenized deposits and wholesale CBDCs. These systems aim to keep the current two-tier banking structure while adding digital features. The focus remains on efficiency and safety rather than radical change.
Warnings About Capital Flight and Regulation
Even with these steps, Lee warned that stablecoins remain highly controversial. He said won based stablecoins could be used to bypass capital flow controls. The risk becomes higher when they interact with U.S. dollar stablecoins.
Lee Chang-yong explained that dollar stablecoins are already widely used and cheaper to move than actual dollars. If the exchange rate shifts and market fears rise. Then money could quickly flow into dollar stablecoins. That could cause sudden and large capital outflows from Korea.
He also raised concerns about non-bank institutions issuing stablecoins. According to him, this would make regulation harder and increase systemic risk. For that reason, he believes oversight should be stronger in digital finance, not weaker.
Korea’s Regulatory Path Forward
Lee Chang-yong spoke against loosening financial rules too much. He warned that while lighter regulation may help growth in the short term. It can create long term risks. He pointed to lessons from the 2008 financial crisis. As a reminder of what happens when standards drop too low.
South Korea is now moving step by step. It allows overseas crypto investment. It studies local issuance under control and it keeps stablecoins under close watch. This approach shows South Korea’s strategy. It wants to support innovation but protect its currency system and capital controls. As digital finance grows across Asia, Korea aims to move forward without losing stability.
