Nominee for Chairman of the Financial Services Commission of South Korea: Cryptocurrencies Lack Intrinsic Value

ChainCatcher news, according to The Block, on September 1, 2025, Lee Suk-won, the nominee for chairman of the Financial Services Commission (FSC) of South Korea, stated in a written response to the confirmation hearing that cryptocurrencies lack intrinsic value and cannot serve as a store of value or medium of exchange due to high volatility, expressing concerns about pension investments in crypto assets. This statement has sparked strong opposition from the South Korean crypto industry, with insiders considering the viewpoint regressive, especially at a time when global institutions are actively adopting cryptocurrencies.

It is worth noting that Lee Suk-won holds an open attitude towards stablecoins, stating that he will support the development plan for local stablecoins in South Korea, seeking a balance between innovation and regulation.