Ex-National Assembly Chief Demands Global Binance Listings for KRW Stablecoins

Former political heavyweight throws weight behind Korean won-pegged digital assets—calls for immediate global exchange integration.

Market Impact

Pushing Binance to list KRW stablecoins isn't just symbolic—it's a strategic power move. Global accessibility would instantly boost liquidity and adoption, creating stronger arbitrage opportunities and tighter spreads. Traditional finance gatekeepers hate this approach—it bypasses their outdated settlement systems entirely.

Regulatory Chess Game

This isn't happening in a vacuum. Korea's Financial Services Authority watches closely—every listing decision becomes a precedent. Other Asian economies might follow, potentially triggering a regional stablecoin race. Because nothing motivates bureaucrats like seeing their neighbors innovate first.

Finance's Ironic Twist

Here's the cynical jab: Banks spent decades building international wire networks, and now stablecoins might render them obsolete overnight. The same institutions that dismissed crypto now face a former politician doing their innovation job for them. How's that for disruption?

Bottom line: When establishment figures champion crypto integration, pay attention. They aren't just talking—they're mapping the next financial frontier.

Government drives stalls in parliament

The Financial Services Commission (FSC) is unveiling a dedicated bill for KRW stablecoins. The law will likely encompass regulation on reserves, transparency, and operational standards. Officials call it a crucial step toward creating a secure digital financial system.

But the road ahead is rough. Political wrangling has stalled progress, with rival bills being discussed in parliament. Some legislators call for a full digital asset act, while others work on a more narrowly targeted law syncing to stablecoins.

The delays echo earlier setbacks. Previous efforts to regulate the sector have halted amid concerns about investor protection, money laundering, and the 2022 crypto market collapse, which shook public confidence.

Even with the gridlock, regulators are under pressure to react. The rise of dollar-backed coins like USDT and USDC in Korea’s crypto markets has raised concerns about “dollarization.” Officials are concerned that if Koreans come to use dollar-pegged tokens en masse, they could surrender national monetary sovereignty.

Banks and tech firms battle over stablecoin control

The Bank of Korea has sounded cautious, however. Gov. Rhee Chang-yong has said he supports KRW stablecoins in principle. However, he is concerned about capital flight and potential foreign exchange volatility if their issuance is entrusted to private companies without appropriate protective measures.

Lee’s vision is broader than banking and finance. He suggests KRW-stablecoins could be woven into Korea’s cultural and technological exports. He added that Korean webtoons, dramas, and online education platform users should be encouraged to use coins pegged with KRW. Lee proposed that such coins could also be incorporated into healthcare services for international patients and cross-border cultural exchange programs.

He forecast that Samsung, the country’s tech giant, could eventually issue its stablecoin, similar to Apple, which is reportedly considering the same. Lee said that a coin backed by the won and integrated into Samsung Pay would be used more widely, particularly within Samsung’s ecosystem, than any other cryptocurrency worldwide.

Other domestic companies may follow suit with the KRW stablecoin to do so as part of their global expansion strategies. Using such bank cards may boost Korea’s so-called soft power abroad, marrying fintech and K-culture, which has a following worldwide.

Get up to $30,050 in trading rewards when you join Bybit today