Lee Eok-won, the nominee to chair South Korea’s Financial Services Commission (FSC), has ignited fierce debate after declaring that cryptocurrencies hold “no intrinsic value.”
In documents submitted ahead of his confirmation hearing, Lee contrasted digital assets with deposits and equities, arguing that their volatility prevents them from functioning as a store of value or reliable means of exchange.
His scepticism extended to proposals that pension and retirement funds be allowed to invest in crypto markets, which he warned were speculative and unstable.
While signalling caution, Lee did not completely shut the door on future crypto-related products.
He acknowledged ongoing discussions about allowing local spot Bitcoin exchange-traded funds (ETFs) and said he would “comprehensively consider global regulatory trends” before deciding on their introduction.
“I understand that there are various expectations and concerns about the impact of introducing a Bitcoin spot ETF.”
“We will comprehensively consider global regulatory trends to establish the method of introduction, schedule, etc., and discuss it with the National Assembly.”
On stablecoins, he pledged to strike a balance, promising “sufficient supplementary measures while creating opportunities for innovation,” a stance that contrasts with his otherwise critical tone.
Lee Eok-won is a South Korean government official who was formerly the First Vice Minister of Economy and Finance and has been nominated to be the chairman of the Financial Services Commission (FSC).
Lee’s remarks have been met with sharp criticism from South Korea’s blockchain community, who accused him of taking a stance out of step with global adoption.
An unnamed official from a local blockchain firm said:
“The argument that there’s no intrinsic value is inappropriate at a time when large U.S. and global corporations are using virtual assets as strategic reserves.”
Others warned that viewing digital assets solely through the lens of traditional finance risked suffocating innovation and driving investment overseas.
Executives also highlighted the growing economic footprint of major blockchain projects.
Xangle, a blockchain data provider, pointed to figures showing Tron generated $430 million in the past month, Ethena $68 million, Pump.fun $42 million, and Ethereum $15 million — evidence, they argue, that crypto assets create measurable value.
Lee reportedly stated,
“Bitcoin has no intrinsic value even if it reaches 1 billion won.”
His comment drew strong rebuttals from critics who argue that the opportunity cost of dismissing such assets would weigh heavily on domestic investors.
Lee’s stance aligns with the government’s long-standing cautious approach to crypto.
Since 2017, regulators have restricted financial institutions from holding or investing directly in virtual assets.
More recently, the Financial Supervisory Service instructed local firms to limit exposure to crypto-linked stocks in ETF portfolios, while the FSC ordered exchanges to halt lending services tied to digital assets.
Despite regulatory headwinds, retail appetite continues to grow.
Data from the Korean Center for International Finance shows that investors shifted away from U.S. tech stocks, reducing purchases from a monthly average of $1.68 billion earlier this year to $260 million in July.
At the same time, they turned towards volatile crypto proxies such as Bitmine Immersion Technologies, which attracted $253 million in net inflows during August.
From Coinlive’s perspective, Lee’s comments reflect a dilemma at the heart of South Korea’s crypto debate: should policymakers continue to treat digital assets as speculative threats, or recognise their growing role in global finance?
The nominee’s dismissal of “intrinsic value” may resonate with traditional finance, but it risks ignoring the economic activity, liquidity, and adoption crypto ecosystems already generate.
If the FSC remains focused on restriction over innovation, the country could see capital, talent, and market influence shift abroad, leaving its digital economy lagging while rivals advance.
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