Catenaa, Tuesday, April 01, 2025- South Korea regulators are at odds over whether the country should establish strategic Bitcoin (BTC) reserves, with various government agencies holding differing positions, a senior lawmaker has revealed.
Ahn Do-geol, a Democratic Party lawmaker, criticized the disjointed approach, claiming that each agency has its own stance on the matter. The lawmaker called for a unified crypto governance platform with minimal regulations to support market growth while ensuring investor protection.
Ahn emphasized that virtual assets, including Bitcoin, should be seen as integral to the future financial industry rather than mere speculative instruments. He advocated for the introduction of guidelines for security token issuers and crypto spot ETFs, alongside the creation of fiat-backed stablecoins to encourage more corporate and foreign investment in South Korea’s crypto market.
However, internal government divisions remain. The Ministry of Strategy and Finance has adopted a wait-and-see stance, acknowledging the transitional period in the crypto sector. The Bank of Korea (BOK) has expressed caution, citing the volatility of Bitcoin and its failure to meet the IMF’s foreign exchange reserve requirements.
In contrast, the Financial Services Commission (FSC) has shown more openness, stating that it is considering the possibility of stockpiling digital assets and aims to establish a regulatory framework for crypto. The National Pension Service and the Korea Investment Corporation have taken a more reserved approach, waiting for legal clarity before deciding on investments in BTC.
Despite these differences, both the pension service and sovereign wealth fund have made investments in Bitcoin-related US stocks, including shares in Coinbase and MicroStrategy.
