Lee Kwang-jae, former Secretary-General of South Korea’s National Assembly and now a professor at Myongji University, has shared a strong view on the nation’s cryptocurrency future. He believes that KRW-backed stablecoins, a new form of digital currency, will only succeed if they are listed on major global cryptocurrency exchanges like Binance. Without international accessibility, South Korea’s stablecoin ambitions could remain limited.
Why Global Listings Are Crucial
South Korea is preparing to issue stablecoins pegged to the Korean won, but Lee argues that launching them only on domestic cryptocurrency platforms will not be enough. Restricting stablecoins to local markets risks isolating them from global traders. Since stablecoins are designed to bridge traditional money and digital assets, international listings on platforms like Binance and Coinbase are essential for recognition and adoption. Without this, South Korea’s stablecoin project could lose its global competitiveness in the cryptocurrency industry.
Domestic Restrictions Block Expansion
At present, South Korea’s leading cryptocurrency exchanges, such as Upbit and Bithumb, enforce strict rules that prevent foreign users from participating. Requirements like real-name bank accounts and national social security verification restrict access to Korean citizens only. Lee stresses that these barriers must be eased if South Korea wants KRW-backed stablecoins to achieve global relevance. Opening the domestic cryptocurrency market to international users would expand adoption and strengthen the country’s role in the global digital economy.
The Power of Technology Giants
Lee also pointed to the role South Korean technology giants could play in cryptocurrency adoption. Samsung, with its dominance in smartphones and its payment platform Samsung Pay, could potentially launch its own KRW stablecoin. If a won-backed cryptocurrency were integrated into Samsung Pay, it could extend stablecoin usage worldwide. This move would also establish South Korea as a serious player in the global cryptocurrency ecosystem.
Everyday Applications Beyond Finance
In Lee’s vision, KRW stablecoins are not just financial tools—they can serve daily needs in the wider cryptocurrency economy. Payments for K-dramas, webtoons, and other digital entertainment could be powered by stablecoins. International students could use them to pay for online education more easily. Healthcare services, including telemedicine and global consultations, could also benefit from faster, borderless cryptocurrency payments. These applications could turn stablecoins into everyday digital solutions, driving widespread adoption.
A Divided Approach to Regulation
Despite this potential, South Korea’s policymakers remain divided on how cryptocurrency and stablecoins should be regulated. Conservatives want banks to control issuance, while progressives favor allowing private tech companies to participate. Lee views bank-only issuance as outdated, pointing to global cryptocurrency leaders like Tether and Circle, which were built by private firms. He urges regulators to embrace innovation while ensuring security, arguing that South Korea must align with international cryptocurrency standards.
Conclusion
Lee Kwang-jae’s remarks highlight a critical turning point for South Korea’s cryptocurrency policy. To make KRW-backed stablecoins globally competitive, they must be listed on leading exchanges like Binance, made available to foreign traders, and supported by both financial institutions and technology companies. With practical uses in entertainment, education, and healthcare, stablecoins could transform the Korean won’s role in the global cryptocurrency economy. But without bold, forward-looking regulation, South Korea risks falling behind in the digital financial race.
